The boom in residential construction in Israel, and in urban renewal in particular, has led to an interesting exit.
On Thursday, Amir Shaltiel, founder and chairperson of Eldar Group, which deals in urban renewal, announced his intention of selling Eldar Group's 25% stake in Metropolis to Allied Group, headed by Prof. Itzhak Swary.
The emerging deal values Metropolis at NIS 800 million.
The companies involved are privately held, but sources inform "Globes" that Shaltiel is expected to receive NIS 200 million in cash for his Metropolis stake.
Metropolis was founded in 2011 jointly by Eldar Group and Allied Group, and is active in urban renewal.
The company has carried out vacate and build projects in central Israel, a prominent one being the renovation of Sde Boker Street in Givatayim.
Long-term renting and mortgage consulting
Eldar Group was founded by Shaltiel in 1999. Besides urban renewal, it deals in long-term rental housing and mortgage consultancy. Shaltiel owns 90% of the company.
Bank Leumi, through its investment arm Leumi Partners, is also a shareholder.