Haim Katzman, Barak Rosen and Assi Tochmeier (Photo by Gazit Globe, YouTube / ABC News)
Businessman Amos Luzon is in talks with Asi Tochmeier and Barak Rosen to buy their stake in Norstar, which controls Gazit Globe. Last January, the two acquired 22% of Norstar shares for NIS 320 million and reached agreements with businessman Haim Katzman on managing the company. Luzon is interested in getting into their shoes and acquiring the holding in the company.
The purchase of Norstar shares was made through Canada Israel for NIS 320 million, a holding that today is worth a little over NIS 370 million. If the contacts for the agreement do mature, then this deal will yield Rosen and Tochmeier a profit of more than NIS 50 million in just two months.
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In principle, Rosen and Tochmeier bought the shares in order to be involved in the management of Gazit Globe, but businessman Haim Katzman reached an agreement with the two that he will continue to manage the companies, while Canada Israel will naturally have the opportunity to speak as a shareholder in the company.
The working assumption is that Rosen and Tochmeier who kept an eye on Gazit Globe’s interesting assets were not satisfied with Katzman’s decision not to share them in the active management of the company, so Luzon’s offer came at a good time that allowed them to make an impressive profit. At the same time it should be remembered that the two are not happy to sell this holding and certainly not at any price and therefore there is no certainty that a deal of this magnitude will be executed.
We will mention on the sidelines that the construction company A. Dori was acquired by Amos Luzon from Gazit Globe at a meager price of 10 million after it went into difficulties. The value of Luzon’s holding in A. Dori reached several hundred million shekels after it managed to rehabilitate it and improve this holding.
It should also be noted that Gazit Globe is in the midst of a significant improvement process that is being transferred by Haim Katzman, who is a veteran and experienced real estate man. Katzman’s strategy for Gazit Globe is the acquisition and improvement of land and real estate in city centers Bad at all.
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