Ashtrom in talks to sell a fifth of its rental activity to Clal Insurance

Ashtrom is in negotiations to sell 20% of its rental operations to Clal Insurance, alongside a similar deal with Migdal that was delayed by a month. The company holds a portfolio of over 3,200 apartments in projects across the country.

Ashtrom is in talks to sell 20% of its rental activity, Ashtrom Residential Rentals, to the Clal Insurance group. This runs parallel to a similar deal with the insurance company Migdal, signed in June this year but delayed by a month. According to the memorandum of understanding with Migdal, it will purchase 20% of the rights for NIS 451 million, reflecting a company valuation of NIS 2.26 billion. Ashtrom informed the stock exchange that the parties extended the period for completing the conditions precedent until December 11, and that this is a non-material technical delay. Ashtrom Residential Rentals holds a portfolio of over 3,200 apartments in various stages, in projects at Neot Peres in Haifa, Neve Ayalon in Or Yehuda, Kiryat HaYovel in Jerusalem, Neve Ofer and HaMishtala in Tel Aviv, and is also advancing the "Shikun HaRof'im" project in Tel HaShomer, which includes 1,189 apartments.