Hachshara Insurance Company has completed a deal to acquire approximately 11% of the MY TOWN Group, which also includes a mechanism to increase maintenance to approximately 14% of the company – which will be implemented subject to the completion of milestones. The deal is in fact the first investment of training in a company from the field of urban renewal, which has been experiencing accelerated growth in recent years.
MY TOWN operates in the field of urban space renewal in residential projects, and unites a number of divisions that deal with evacuation-construction, entrepreneurship and urban renewal. The group leads more than 50 projects at various stages in the evacuation construction and urban renewal route, which include more than 5,000 housing units in areas of demand such as Tel Aviv, Herzliya, Ramat Gan, Or Akiva, Raanana and more. The company is currently carrying out six luxury projects in urban renewal. The group operates in a unique model according to which it promotes about 3-5 new projects a year, which allows the company to invest the maximum inputs in each of the selected projects.
Yossi Hasson, CEO of MY TOWN, said: “I am pleased with the entry of Hachshara Insurance Company into the group, which is the General Staff patrol of urban renewal in Israel. MY TOWN has high financial strength and intensive activity in major projects in Israel today. I have no doubt that “The entry of a significant player as training can continue our accelerated growth and create a significant leap forward in the development of the company.”
Roi Kadosh, Chief Investment Officer at Hachshara Insurance Company, who managed the transaction on behalf of Hachshara, noted that “Hachshara Insurance Company has examined a large number of companies in the field of urban renewal and has chosen to invest in the Maytown Group. We have no doubt that the field is growing, the timing is right and May Town is one of the excellent companies currently operating in the industry. ”
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