Phoenix Acquires Significant Stake in Avisror Following Public Offering
The Phoenix insurance company has officially become a substantial shareholder in the Avisror real estate firm after investing 160 million NIS for a 6.24% stake following the company's recent public offering.
Institutional investors, primarily leading insurance and provident fund companies, have deepened their footprint in Israel's real estate sector. Following its recent IPO, the Phoenix insurance company has officially become a substantial shareholder in the Avisror real estate firm, acquiring a significant stake through a prospectus-based offering.
Strategic Investments and Stake Acquisition
According to Avisror's report to the Tel Aviv Stock Exchange, Phoenix invested approximately 160 million NIS to purchase roughly 19.5 million shares at a price of 8.2 NIS per share. As a result of this transaction, Phoenix now holds a 6.24% stake in Avisror's share capital and voting rights, amounting to 5.52% on a fully diluted basis. Menora Mivtachim had already become a substantial shareholder in early August, holding approximately 5.4% of the company's shares.
"Alongside the opportunities, we fully understand the magnitude of the responsibility placed upon us and will continue to manage the company with professionalism, discretion, transparency, and a long-term vision, out of commitment to our customers, employees, partners, and the investing public," company management stated.
Public Offering and Real Estate Purchases
In its recent IPO on the Tel Aviv Stock Exchange, Avisror raised 525 million NIS from leading insurance and provident fund institutions, transitioning into a publicly traded company. Eli Avisror currently retains a 31.86% stake in the firm, while Jackie and Yoram Avisror hold approximately 20% and 17.5% respectively. Meanwhile, family members have also invested directly in the company's flagship Sde Dov project, acquiring multiple luxury apartments with values averaging around 7 million NIS.
