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Ashtrom in Talks With Clal Insurance for 20% Stake in Rental Housing Unit
Ashtrom is in talks with Clal Insurance to sell a 20% stake in its rental housing division for an estimated 2.26 billion shekels. This follows a similar deal with Migdal Insurance, which is facing a 30-day completion delay. These moves reflect a strategic shift towards rental development, driven by market conditions.
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What happened
- 01Ashtrom is negotiating to sell a 20% stake in its rental housing unit to Clal Insurance.
- 02The deal values Ashtrom's rental operations at 2.26 billion shekels.
- 03Migdal Insurance is also acquiring a 20% stake, though its deal completion is delayed.
- 04The transactions highlight a growing trend towards rental development in Israel.
- 05Ashtrom's rental division manages 3,200 apartments across various stages of development.
Ashtrom's rental arm manages 3,200 apartments, with investments from Migdal and potentially Clal aimed at bolstering its equity and easing its debt.
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