An enormous deal in the stock market has been completed, and will transfer all of the shares in the Gav Yam real estate company to the hands of Property & Building Corp. Ltd., from Discount Investment Corp.
The Gav Yam contract is one of the largest-ever to be signed in the Israeli stock market, and the largest ever in the history of the real estate industry.
Following the completion of the process, which continued over the course of about six months, Property & Building completed the process to purchase the company, together with billionaire businessman Aharon Frenkel.
As part of the deal, Frenkel sold Property & Building his holdings in Gav Yam, which totaled 37.2%, or one billion dollars. Property & Building thus holds 87% of the shares in Gav Yam.
Gav Yam is one of the most profitable real estate companies in Israel, with one of the best property portfolios in the real estate industry.
Most of its customers are from the hi-tech industry with an emphasis on large, stable international companies, and the company has a large amount of cash. In addition, it is also undergoing a period of rapid development, to double the amount of property it owns.
Property & Building will hold shares in a company with enormous value potential that is expected to bring it great value in the medium- and long-term.
The Gav Yam deal has also brought Frenkel unprecedented profits, of about a billion and a quarter shekel, as well as 100% return on the stock he invested in Gav Yam.
Frenkel, an alumnus of the Ponevezh Yeshiva, is known as a great supporter of social and healthcare projects which benefit Israeli society; among them is the Yad Sarah organization, and others.
Upon signing the agreement, Frenkel wished the purchasers that they continue to develop and bring to fruition the enormous value inherent in Gav Yam, since they receive control over a solid company, which is managed by a professional and experienced management which has all of the qualities necessary to continue to bring great profits to its shareholders.