The Phoenix And group BST (Best) announced an investment of over NIS 200 million on the part of the insurance company in the Best real estate group by way of a capital injection against the allotment of shares and the purchase of shares. NIS.
In addition to the investment, the Phoenix will provide the Best Group with a credit facility in the amount of NIS 275 million to expand the group’s operations in Israel and abroad.
The deal was led by Phoenix CEO Eyal Ben Simon along with Best Group CEO Elias Tannus and Best Group Chairman Rafi Bisker.
The Best Group was founded by the late Badie Tenos and will mark 50 years of operation this year. The group is managed by Elias Tenos, CEO of the group, Ala Tenos, CEO of Best Canada, and Sim Tenos, VP of the Group’s assets. The group’s chairman for the past five years is Rafi Bisker, who previously served as chairman of Shufersal, Properties and Building and Gev Yam.
The group specializes in initiating and executing large and complex projects in the field of real estate, in Israel and around the world. And more.
The group has four arms; In the construction set; Best Canada, the group’s international operations in Canada and London, which focuses primarily on acquisitions and commercial development, and offers comprehensive solutions for the construction, renovation and management of commercial centers and residential buildings; Best Initiative, is the entrepreneurial arm of the group in its activities throughout the country and specializes in initiating and establishing residential, commercial, office, commercial centers and hotels. In addition, the company is active in the field of urban renewal in the tracks of TMA 38/2 and evacuation of construction; Buildup of the Best Group, a leading contractor in the field of finishing works.
The Phoenix was represented in the transaction: the Financial Advisory Office of Beta Finance and the firm of Adv. Herzog, and the Best Group was represented in the transaction: the financial advisory firm of Giza Singer Even and the firm of Adv. Shimonov.
Elias Tannos, CEO of the Best Group: “The partnership that is being launched today is the realization of the group’s capabilities and benefits and is a power multiplier for the Best Group. The merger with Phoenix, which is a strategic partner, will enable the realization of new opportunities and a step up in the group’s activity in the field of real estate in Israel and abroad.
Rafi Bisker, Chairman of the Best Group: “In recent years, the company has developed and expanded its activities in the field of entrepreneurship in Israel and abroad.
Eyal Ben Simon, CEO of the Phoenix Group: “This transaction reflects the confidence of the Phoenix in the real estate industry in general and in the Best Group and its management in particular.”