Gefen Residential Takes Joint Control of YBOX Real Estate in Major Buyout
Gefen Residential takes joint control of YBOX Real Estate as Tzachi Abu assumes the role of acting CEO and Tamir Cohen becomes chairman following a major buyout.
Gefen Residential and Urban Renewal, controlled by Tzachi Abu and managed by Nati Gilboa, has acquired a joint controlling stake in YBOX Real Estate. Gefen holds approximately 20% of YBOX shares, alongside Tamir Cohen who holds 5.4%, marking a major corporate shift for the company.
Following the acquisition, the board of directors appointed Tamir Cohen as the new chairman. Yossi Turgeman, the outgoing CEO who founded the company 16 years ago, stepped down from his position. Control holder Tzachi Abu was appointed acting CEO and board member, while Nati Gilboa and Yehuda Gorsd joined the board as directors.
This strategic transaction is Gefen's first major expansion move following its strategic collaboration with Leumi Partners earlier this year. The acquisition expands Gefen's project portfolio by over 40 new real estate projects encompassing thousands of residential units across Tel Aviv and the Dan metropolitan area.
Tzachi Abu stated that the company is entering a new chapter with a strong financial and managerial anchor to execute existing projects, reduce leverage, and cut financing costs. Outgoing CEO Yossi Turgeman expressed pride in his 16-year tenure, handing over leadership with confidence. YBOX's portfolio includes prominent urban renewal and high-rise projects such as the Beit Romano development in Tel Aviv.
