Actual property firm Enav has signed a financing settlement with insurance coverage firm Phoenix Monetary (TASE: PHOE). Underneath the phrases of the settlement, Phoenix will prolong credit score of as much as NIS 320 million, which can function fairness capital for 4 Enav tasks.
The preliminary funding will give attention to 4 tasks: 240 housing items in Ramat Gan; 244 housing items in Kfar Saba; 255 housing items in Kiryat Ono; and 288 housing items in Tel Aviv.
Enav is selling over 35 city renewal tasks all through the nation together with about 25,000 housing items. The corporate presently has six tasks in advertising and marketing and building totaling about 1,400 housing items. In 2026, the corporate expects 4 extra tasks to be marketed and underneath building totaling 1,300 further housing items. The cities wherein Enav is selling tasks embrace: Beer Yaakov, Tel Aviv, Ramat Gan, Kiryat Ono, Yehud, Haifa, Kfar Saba, Jerusalem, Netanya, Hadera, Bnei Brak and Eilat.
There was main progress not too long ago in quite a lot of tasks which can be prepared for implementation by Enav: a allow has been obtained for the primary stage of the Herzl Advanced undertaking in Beer Yaakov, which can embrace a complete of about 2,000 housing items; a allow has been obtained for the Mohiliver Advanced in Yehud, which can embrace about 1,100 housing items, and a ceremony was held for the demolition of buildings within the first section of the undertaking; a plan has additionally been authorized for the Nurit Advanced in Jerusalem, which can embrace 452 housing items and an extra 2,500 sq. meters for commerce and places of work. As well as, a plan has been authorized for the Eli Cohen Advanced in Hadera, which can embrace 1,300 housing items
The settlement with Phoenix Insurance coverage was led by Enav CFO Adi Even. Enav’s authorized help was led by Adv Ariel Dinovetskey of Barr Dinovetskey & Co. The transaction was led on behalf of Phoenix Insurance coverage by Itzik Dagan, Supervisor of Non-Marketable Credit score. Authorized help for Phoenix was offered by Meitar legislation agency Associate Adv. Gal Feingold. The underwriters supporting the transaction are Gil Calderon and Dan Rimon from Menora Underwriting.
Enav, which was based 25 years in the past by Effi Katz, is without doubt one of the pioneers within the city renewal sector and is ranked as one of many main corporations within the area in Israel. Enav is enterprise city renewal tasks which embrace housing, business house, places of work and lodges, with the corporate specializing in giant and complicated demolition and reconstruction tasks. The corporate has a backlog of over 25,000 housing items to be constructed, encompassing a complete space of about 3,500,000 sq. meters in planning.
Enav CEO Effi Katz mentioned, “Enav welcomes the collaboration with Phoenix, one of many fundamental and influential institutional entities within the Israeli financial system. We’re presently working in dozens of enormous tasks in probably the most enticing areas of the nation, with a scale of tens of hundreds of housing items, whereas adhering to excessive requirements, meticulous planning and specializing in the wants of the group and the households who will reside within the tasks. We see this transfer as a big monetary enhance and leverage that can permit us to increase our actions, create high quality housing options for hundreds of households, and proceed to have a optimistic influence on cities in Israel within the coming years, whereas main the sphere of city renewal in Israel.”
Printed by Globes, Israel enterprise information – en.globes.co.il – on September 14, 2025.
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