Rani Zim buys out partner to take full control of Ono Center project

Gashem Holdings, the commercial brand of Gashem LeMishtaken, owned by Yosef Mizrahi and Shmgar Vaknin, signed an agreement to sell its roughly 30% stake in the retail area of the Ono Center project. The buyer is its partner in the complex, Rani Zim Shopping Centers, which will pay NIS 105.5 million and become the sole owner of the site at the entrance to Or Yehuda.

The deal is the third and final stage in the companies’ transaction. In total, Rani Zim will pay NIS 300.5 million for 100% of the commercial complex, which covers about 19,000 square meters. The first phase took place in 2021, when Rani Zim bought 50.01% of the project’s retail area for about NIS 130 million.

In 2024, Rani Zim exercised an option and purchased another 20% of the rights for about NIS 65 million, raising its stake to roughly 70%. With this latest purchase, it will complete full ownership of the retail portion of the complex.

Gashem said the move fits its strategy of focusing on development, residential construction and urban renewal. Ono Center spans 18 dunams and includes four residential buildings with 197 apartments, four office buildings totaling about 30,000 square meters, and the retail space now being sold. Gashem bought the land for the project in 2018 for NIS 88 million, including NIS 24 million in development fees, after winning a state land tender. The apartments are occupied, and the shopping center has recently opened. Gashem also serves as the main sponsor of Beitar Gasham Jerusalem, the football club owned by Barak Abramov.