Tshuva selling Elad Residence to JTLV 2 fund

Yithak Tshuva / Photo: Yossi Cohen

A previous deal for the sale of 71% of Yitzhak Tshuva's Elad Israel Residences to Israel Canada fell through.

The JTLV 2 fund, managed by Amir Biram, Ariel Rotter and others, is buying 70.7% of Elad Israel Residence (Elad Yisrael Megurim Hahadashah) from Yitzhak Tshuva, the controlling shareholder in Delek Group Ltd. (TASE: DLEKG). Elad Israel Residence, which deals in residential construction, is part of Tshuva's privately owned group of companies. He put the company up for sale a few weeks ago, in an attempt to boost his liquidity.

Elad Israel Residence CEO Ronen Jaffa will hold 4.3% of the company. JLTV will pay Tshuva NIS 195 million, valuing the company at NIS 275 million.

The JTLV 2 fund manages about NIS 1 billion.

Tshuva tried to sell 71% of Elad Israel Residence to Israel Canada at a higher valuation, NIS 290 million, and an MOU was signed just over a month ago, but Israel Canada pulled out of the deal.

Published by Globes, Israel business news - en.globes.co.il - on May 3, 2020

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

Yithak Tshuva / Photo: Yossi Cohen
Yithak Tshuva / Photo: Yossi Cohen
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