Aspen Group Secures 66.67% Controlling Stake in Rayek Real Estate
Aspen Group has finalized its acquisition of a 66.67% controlling stake in Rayek Real Estate in a 150 million shekel deal, with entrepreneur Dudu Ben Zaken holding the remaining third.
Aspen Group has completed its acquisition to take a controlling 66.67% stake in Rayek Real Estate, following approval from shareholders. The transaction, valued at approximately 150 million shekels, involved bringing in entrepreneur Dudu Ben Zaken, who acquired the remaining one-third share through his company D.B.Z. Adi Marketing Ltd.
Under the finalized agreement, Aspen invested 50 million shekels, while Ben Zaken financed two-thirds of the total transaction value to secure his stake. Yossi Rayek will remain as the CEO of Rayek Real Estate, ensuring continuity in the management of the urban renewal development firm.
In addition to the primary acquisition, Rayek Real Estate increased its holding in Rayek-Aspen (formerly Landmark) to 93.87%. Rayek-Aspen serves as the urban renewal arm of the company, further consolidating its operations in the housing and development sector.
This expansion follows Aspen Group's initial acquisition of a 50% stake in March 2024, which marked the company's first major deal since Australia-Israel became a shareholder. Rayek Real Estate specializes in initiating and advancing urban renewal projects across the market.
