David Azulai Group to Acquire Urban Renewal Firm for $16 Million
Translated & summarized from Ice by baba
Businessman David Azulai's group has offered approximately 60 million shekels to acquire Ginat Urban Renewal, a company with projects for 9,000 housing units. The bid is part of legal proceedings involving the Yaakov Saban Group, which claims a 50% stake and faces 140 million shekels in debt. Azulai highlighted urban renewal as a strategic growth area for his company.
The story in 5 lines · by baba
- David Azulai's group offered 60 million shekels to acquire Ginat Urban Renewal.
- Ginat Urban Renewal has projects for approximately 9,000 housing units.
- The acquisition is part of legal proceedings involving the Yaakov Saban Group.
- Ginat Urban Renewal has debts totaling 140 million shekels.
- David Azulai sees urban renewal as a strategic growth area.
The Azulai Group, owned by businessman and real estate developer David Azulai, has submitted a bid of approximately 60 million shekels ($16 million) to acquire all shares of Ginat Urban Renewal.
The offer was made as part of legal proceedings concerning the Yaakov Saban Group, which claims to hold 50% of Ginat's shares. Attorney Erez Haver has been appointed as a trustee in the case.
Ginat, active in urban renewal since 2019, has a portfolio of projects and contracts for approximately 9,000 housing units. The company collaborates with public firms Kardan Real Estate and Amram Avraham.
The Azulai Group believes Ginat's project backlog, which experienced delays during a market slowdown, holds significant future potential. They aim to accelerate development using their entrepreneurial and execution capabilities.
In January, the Yaakov Saban Group requested a stay of proceedings to allow its controlling shareholder to sell assets. The company has debts totaling 140 million shekels. Saban owns four companies and acquired his stake in Ginat in 2020.
David Azulai stated that urban renewal is a key growth engine for Israel's housing market and a strategic target for his group. He emphasized the Azulai Group's financial strength, experience, and independent execution arm as crucial for advancing Ginat's projects, especially during challenging times for the industry.