Melisron buys Aviv Development stake for NIS 625m

Liora Ofer's Melisron (TASE: MLSR) has acquired the full stake in Aviv Development held by Doron Aviv and his sister Dafna Harlev for NIS 625 million, in a deal valuing the company at NIS 1.25 billion.

This is the third real estate exit for Aviv and Harlev after selling Ocif Investments and Development to Arkady Gaydamak in 2007, and selling 50% of Aviv Development to Melisron in 2022 for NIS 845 million.

Aviv Group was founded in 1963 and has built a range of residential and commercial projects as well as public buildings and infrastructures throughout the country. The Group holds rights for marketing 3,600 housing units in central Israel and is currently building two major projects. The first is in Tel Hashomer for the construction of 11 residential buildings with 722 housing units in a mixed-use complex that covers 150 dunams (37.5 acres) and 100,000 square meters of commercial and office space. The second project is the Herbert Samuel SIX-8 project on Tel Aviv seafront - an 18-floor tower with 128 hotel rooms and 64 residential units, all overlooking the sea.

Published by Globes, Israel business news - en.globes.co.il - on September 12, 2024.

Melisron buys Aviv Development stake for NIS 625m

This is the third real estate exit for Doron Aviv and his sister Dafna Harlev after selling Ocif to Arkady Gaydamak in 2007, and 50% of Aviv Development to Melisron in 2022 for NIS 845 million.