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Mizrahi-Tefahot has entered the field of urban renewal
Mizrahi-Tefahot Bank has entered the real estate investment field, in accordance with the goals of its strategic plan until 2025 - and is currently making its first significant investment: the bank will transfer NIS 60 million to Radco Urban Renewal, for about 20% of the company's shares.
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Wednesday, 06 October 2021, 13:35 Updated: 14:09
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The Mizrahi-Tefahot Group has decided to enter the field of non-financial investments, and the bank is now reporting a first investment of NIS 60 million.
In return for the investment, the bank will receive about 20% of the shares in its Radco company. Many urban renewal projects throughout the country, including about 4,600 new housing units and thousands of square meters of commercial, employment and hotel
space
.
About 25 years ago. The group is an entrepreneur of residential, income-producing and commercial real estate projects in Israel and its flagship project is "Kiryat Refaeli" - a residential neighborhood in northern Ashkelon with 3,700 housing units, most of which are inhabited.
The founders and owners of the group are Yitzhak Refaeli - President and Founder, and Rafael Refaeli, CEO of the group and Chairman of the Board of Radco Urban Renewal.
Nana Chen is the CEO of Radco Urban Renewal and the Deputy CEO of the Refaeli Group.
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A move to the investment arm
Alongside its operations in Israel, the Refaeli Group controls real estate development and investment activities in Western Europe and Southeast Asia. The real estate
investment arm in Mizrahi-Tefahot was founded and led by Ron Hochman - until recently a partner in the Sky Investment Fund. Adi Shahaf, who also serves as chairman of the unit's investment committee.
The attorneys who promoted the deal on behalf of Mizrahi Tefahot are: Sharon Klein and Raz Tepper of Fischer Bachar Chen, and Radko Urban Renewal are: Adv. Ido Gonen - Partner, Deputy Head of Corporate, Finance and Infrastructure and Head of Insurance and Risk Management at Goldfarb Seligman. D. Dikla Bezalel - Partner in the Real Estate Planning and Construction Department at Goldfarb Seligman.
Ron Hochman, director of the real estate investment arm in Mizrahi Tefahot (Photo: Eli Atias)
This is a move that will bring value in the future
CEO of Mizrahi Moshe Larry
, noting that the bank sees the field of real investment growth engine of his in the coming years, as the intention is to invest primarily in companies and sectors in which the Bank has close familiarity with other operating segments.
"Our decision to make a significant investment in the first Radek, relies on familiarity "Our understanding of real estate in general and urban renewal in particular. Our connection to Radco, urban renewal, will allow the company to grow and develop and I have no doubt that the move will bring value to us in the future as well," said Larry.
Moshe Larry CEO of Mizrahi Tefahot (Photo: Mizrahi Tefahot Spokeswoman)
Joining a financial entity - this is a strategy
According to
Rafael Refaeli, CEO of the Refaeli Group and Chairman of the Board of Radco Urban Renewal
: "And this partnership will allow us to expand the scope of the projects we want to commit to and carry out."
Rafael Rafaeli CEO of the Rafaeli Group and Chairman of the Board of Radco Urban Renewal (Photo: PR)
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