Real estate group Tidhar and Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) are joining forces for joint investments in income-producing real estate. The two companies announced today their "strategic cooperation in founding a joint company to find, develop, construct, and maintain one million square meters in income-producing properties." Sources associated with the two companies said, "The deal is a huge one that will create a joint company to invest NIS 5-10 billion over ten years."
Among other things, the companies' announcement stated, "The Novard Group is joining the venture as an additional investor," while adding that the group was "owned by Maj. Gen. (res.) Yoav (Poly) Mordechai and Shai Braitner, together with shareholders in the Tidhar Group."
Tidhar, founded in 1993, is a privately-held real estate company owned by chairman Gil Geva, Arie Bachar, and Mark Weissman. Harel, Israel's largest insurance group, managed assets worth NIS 270 billion as at the end of the third quarter of 2019. Harel has the largest real estate investment arm of any financial institution in Israel. It directly holds real estate worth over NIS 15 billion. Yair Hamburger is Harel's chairman and controlling shareholder.
Geva said, "Israel's continued development and growth, together with suitable economic conditions, has generated a significant business opportunity for us. The development, planning, and construction capabilities that we have attained over the years, combined with the power of Harel, are the basis for a substantial development plan looking a decade ahead."
Published by Globes, Israel business news - en.globes.co.il - on March 12, 2020
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