David Azoulay Group Bids NIS 60 Million to Acquire Ginat Urban Renewal
David Azoulay Group has submitted a NIS 60 million court bid to acquire Ginat Urban Renewal, which holds a pipeline of 9,000 housing units amid ongoing legal proceedings.
David Azoulay Group has submitted a formal court bid of approximately NIS 60 million to acquire full ownership of Ginat Urban Renewal, according to market reports. The offer is being reviewed as part of legal proceedings involving the Yaakov Saban Group, which claims a 50 percent stake in Ginat, with Adv. Erez Haver appointed as trustee.
Ginat, operating in the urban renewal sector since 2019, holds a massive pipeline of projects and contracts for approximately 9,000 housing units. The company maintains joint ventures with two major public firms, Kardan Real Estate and Amram Abraham. The Azoulay Group believes that despite delays caused by market slowdowns, this portfolio holds immense potential that can be rapidly unlocked through its proven entrepreneurial and execution capabilities.
The legal proceedings follow a January filing by the Yaakov Saban Group seeking a stay of proceedings to facilitate asset sales amid mounting debts totaling NIS 140 million. Saban acquired half of Ginat's shares in 2020 as part of a four-company holding structure.
David Azoulay, owner and CEO of the group, confirmed the bid, emphasizing that urban renewal remains a strategic pillar for the housing market. "Ginat has built a high-quality, large-scale project pipeline, and we bring the financial strength, entrepreneurial experience, and independent execution arm required to bring these projects to fruition," Azoulay stated.
