Aharon Frenkel increases Bayside stake

Aaron Frenkel

Frenkel is the second largest shareholder after Property & Building in the income-producing property company.

Israeli businessman Aharon Frenkel has increased his stake in real estate company Bayside Land Corp. Ltd.(Gav Yam) (TASE: BYSD1). Frenkel today informed Bayside that he had realized some of the options in the company that he had held and had bought an additional 5.35% stake for NIS 284 million.

Last November, Frenkel; bought 16.13 million Gav Yam shares and an options for another 16.13 million shares from Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL). Today Frenkel said that he had also realized options to buy 11.45 million of those shares at NIS 24.784 per share.

After realizing some of his options, Frenkel now holds 60.71 million Bayside shares, which represents 28.4% of the company's equity and 30.65% of the voting rights.

Property and Building Ltd. (TASE: PTBL) bought 2.5% of Bayside's shares last week and now has a 32.41% stake in the company, which will increase to 44.45% after the company buys shares from institutional investors Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), Menorah Mivtachim Holdings Ltd. (TASE: MORA) and Meitav DS.

Bayside develops and maintains income producing properties in high-tech and business parks and is considered a leader in Israel in office leases.

Published by Globes, Israel business news - en.globes.co.il - on April 27, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Aaron Frenkel
Aaron Frenkel
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