Real estate developer Igal Ahouvi is leaving the Tel Aviv Stock Exchange (TASE) and selling his controlling interest in Ravad to a group of investors that includes Yonel Cohen, Itzik Oz, and the Golden House assisted living facilities company, controlled by the Rubinstein family. The investment group will acquire 57% of the shares in Ravad from Ahouvi and Zvi Biran, who has a 7.8% stake in the company, for NIS 128 million.

When the deal is completed, Ahouvi will still be a party at interest in Ravad with less than 15% of the shares in the company, to which the buyers will have first refusal rights. Ahouvi will resign as chairperson of Ravad's board of directors and the buyers will appoint directors to represent them. Ravad CEO Zchoot is expected to continue leading the company, which he has managed since 2012.

Ravad is an income-producing real estate company active in Western Europe and Israel, in senior citizens' homes in the UK (senior citizens' homes in the country in partnership with Golden House), and development real estate in Israel. The company is fairly small, with 10 income-producing properties in Israel and overseas, some of which are up for sale. It is also a partner in the Antokolsky residential project in central Tel Aviv.

Published by Globes [online], Israel business news - www.globes-online.com - on August 23, 2018

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