Harel buys 40% of Beit Aurec in Ramat Gan

Morris Kahn

Harel is paying NIS 100 million for half the stake held by the Morris Kahn family office.

Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) has acquired 40% of Beit Aurec near the Ramat Gan Diamond Exchange district for NIS 100 million. Harel has bought half of the 80% holdings in the building of Aurum, the family office of billionaire Morris Kahn. The other 20% of the building is held by a consortium of private investors.

Kahn was formerly the owner of Aurec Group, which among other companies set up Amdocs Ltd. (Nasdaq: DOX), Golden Channels, Golder Lines, Golden Pages and AIG Israel insurance company. Kahn realized his assets when they were at their peak value.

Beit Aurec has 16,000 square meters of office and commercial space in Abba Hillel Street near Tel Aviv Central railway station and the Ayalon Highway and the Tel Aviv light rail red line, which is under construction.

Sources close to the deal say that the building has 98% occupancy with the anchor tenant being the Meitar Liquornik Geva Leshem Tal law firm.

Published by Globes, Israel business news - en.globes.co.il - on June 21, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

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