Telkar strengthens its holdings in the company Vitania, which specializes in yielding real estate and initiates and establishes projects for employment and commerce. Telkar purchases another 3.87% of the company from the Phoenix for approximately NIS 56 million. Telkar, which is owned by the Onger family and is known mainly as a Hyundai importer, purchased an additional 1.8 million shares of the company Vitania and increased its holding to 20.9% of Vitania shares.
About eight months ago, Telcar purchased the holdings of the Flying Cargo company in Vitanya – 17.04% in exchange for NIS 264 million. The current deal is based on a value of close to NIS 1.5 billion, about 5% below the deal eight months ago.
The transaction price is NIS 30.5, a 6% premium on the closing price of the stock. On the background of the deal, Ofer Ziv, CEO of Withania, said: “The deal reflects the partners’ confidence in the company’s performance in recent times, its various investments and the projects it is carrying out that are expected to strengthen and increase its power in the market, as well as in a forward-looking forecast regarding the real estate industry In general, as a solid and strong industry, in the face of the current storm in the global markets following the rise in interest rates and inflation.”
Withania owns income-generating properties located in high demand areas in Tel Aviv, Herzliya Pituach and Or Yehuda, and about 400,000 square meters more are in various planning, development, construction and marketing procedures. Among the most prominent projects of the company today are Withania Tel Aviv on La Guardia St., Withania – Karso in Petah Tikva Parktech and the Withania project in Mount Hotzavim in Jerusalem.
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