Metropolis implements urban renewal projects in central Israel. The value of the deal is estimated at 800 million shekels.
The boom in residential construction in Israel, and in urban renewal in particular, has led to an interesting departure. Amir Shaltil, founder and chairman of Eldar Group, which works in the field of urban renewal, announced today his intention to sell Aldar Group’s 25% stake in Metropolis The Allied Group, headed by Professor Ishaq Sawari. The startup deal values Metropolis at NIS 800 million.
The companies in question are privately owned, but sources told Globes that Shaltiel is expected to receive NIS 200 million in cash for his stake in Metropolis.
Founded in 2011 jointly by Aldar Group and Allied Group, Metropolis is active in the field of urban regeneration. The company has implemented evacuation and construction projects in central Israel, the most notable of which is the renovation of Sde Boker Street in Givatayim.
Aldar Group was founded by Sheltil in 1999. Besides urban regeneration, it deals in long-term housing rental and mortgage consultancy. Sheltel owns 90% of the company. Bank Leumi, through its investment arm Leumi Partners, is also a shareholder.
Published by Globes, Israel Business News – en.globes.co.il – on January 8, 2025.
© Copyright Globes Publisher Itonut (1983) Ltd., 2025.
Amir Shalitiel Credit: Eyal Yizhar
Comments are closed, but trackbacks and pingbacks are open.