Sources inform "Globes" that several real estate agents, some of whom specialize in luxury housing, are trying to find an apartment in Tel Aviv for Argentinean Jewish IDB Development controlling shareholder Eduardo Elsztain to rent. "Globes" was informed several months ago that Elsztain expressed a desire to find an apartment in Tel Aviv, initially for rent, and may consider the option of buying a home in the city in the future.
In 2014, Elsztain acquired control of the IDB group through public companies under his control in the framework of that company's debt arrangement, together with Moti Ben-Moshe. Elsztain and Ben-Moshe since parted company, with Elsztain acquiring Ben-Moshe's IDB stake and delisting the company from the Tel Aviv Stock Exchange (TASE). Elsztain's investment in IDB totaled NIS 2.5 billion. IDB reported NIS 253 million in net asset value (NAV), reflecting a NIS 2 billion loss on paper for Elsztain.
Elsztain controls IDB through Discount Investment Corporation Ltd. (TASE:DISI), which contains business companies, headed by Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL), Shufersal Ltd. (TASE:SAE), Property and Building Ltd. (TASE: PTBL), Elron Electronic Industries Ltd. (TASE: ELRN), and Israir Airlines and Tourism Ltd.. As chairperson of the holding companies in the group, Elsztain visits Israel frequently. He has extensive holdings in South America, belongs to the Chabad movement, and serves as vice president of the World Jewish Congress. In a "Globes" interview at the Capital Market conference in June, he said, "All of the companies that we bought have become stronger in recent years. We're businesspeople, and we check out opportunities from time to time. Israel is the most dynamic economy I know. Every time I come here, there are changes and new companies are formed, so I constantly keep track of developments." He added that his business in Israel would not be affected by the situation in Argentina.
Up until now, Elsztain has stayed in hotels. Sources inform "Globes" that in recent months, he decided to move to a permanent dwelling in Tel Aviv.
Elsztain's spokesperson said in response, "We do not comment on Mr. Elsztain's personal affairs."
Published by Globes, Israel business news - en.globes.co.il - on November 21, 2018
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