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Azrieli Group

From Wikipedia, the free encyclopedia

Azrieli Group Ltd.
TypePublic
TASE: AZRG
TA-35 Index Component
IndustryReal estate, financial services
Founded1982; 44 years ago (1982)
Headquarters
Tel Aviv
,
Israel
Key peopleDanna Azrieli (CEO)
Websitewww.azrieli.com

Azrieli Group (Hebrew: קבוצת עזריאלי) is an Israeli real estate and holding company named after its founder David Azrieli. The company is engaged mainly in the development and management of shopping malls and office buildings in Israel.

The Azrieli Group has total assets of NIS 60.7 billion.[1] They are responsible for the Azrieli Jerusalem Mall and Azrieli Ayalon Mall.

The company is traded in the Tel Aviv Stock Exchange under the symbol AZRG, and is part of the Tel Aviv 35 Index.[2]

History

[edit]

Founding and early years

[edit]

Azrieli Group started its activities in 1982, developing the Ayalon Mall in Ramat Gan, which opened in July 1985.

Azrieli Group opened its second mall, Hanegev Mall, in Beersheva in 1989. The opened a third mall, the Jerusalem Mall, in 1993.

Between 1996 and 2007, the group developed the Azrieli Center in Tel Aviv, a complex that includes three office buildings above a shopping mall.

Azrieli Ayalon, a shopping mall built by and owned by the group

By 2005, Azrieli Group was considered Israel's largest real estate investment group.[3] The company went public on the Tel Aviv Stock Exchange in 2010.[4] It built or purchased a series of shopping malls in the late 2000s and early 2010s, including locations in Modi'in,[5] Hod HaSharon,[6] Givatayim,[7] Haifa,[8] Akko[9] and Ramla.[10]

Danna Azrieli succeeded her father as chair of Azrieli Group in 2014.[4] The company entered the senior housing market that year with the purchase of land in Modi'in to build an approximately 400-unit assisted living and nursing home facility.[11] That same year, the company sold paint manufacturer Tambour to the Kusto Group.[12] By 2016, the company had five senior housing projects throughout Israel.[13] It purchased e-commerce platform buy2 in 2016 for NIS 62 million, renaming the site Azrieli.com. The platform shut down in 2023 following losses of NIS 313 million since its purchase.[14] In 2017, the company completed Azrieli Sarona Tower, at the time the tallest building in Israel, and construction on a mall in Rishon LeZion.[15][16] Azrieli Group operated 16 malls in 2017.[17]

Azrieli Sarona tower and mall

In July 2019, Azrieli acquired 20% of US-based Compass Holdco to compete in the data center real estate business.[18] In 2021, Azrieli acquired Green Mountain, AS for ₪2.8 Billion.[19][20]

In January 2022, permission was given by the Tel Aviv local planning and building committee to build the Spiral Tower at the Azrieli Center, which will be a 350 m (1,150 ft) tall, 91-storey building and would become the second-tallest structure in Israel.[21]

In 2025, Azrieli Group bought developer ZMH Hammerman[22], which is part of a list of companies operating in West Bank settlements. The UN Human Rights Council noted that the companies flagged by the list were all responsible for activities that “raised particular human rights concerns”.[23]

In recent years, the Azrieli Group and its ties to the Azrieli Foundation have been the target of campaigns by artists and activists in Canada due to its connections with activity in illegal settlements in the occupied West Bank and other concerns.[24]

Diversification

[edit]

By 2020, Azrieli Group had shifted its focus from shopping centers and increased its investment in senior housing, data centers, and office buildings.[25]

In 2022, the company completed the 36-floor Azrieli Town Tower,[26] and in 2022, purchased a mall in Eilat for NIS 1.31 billion.[27]

In March 2023, Green Mountain and TikTok entered a NIS 2.8 billion deal for the former to build the latter a data center in Norway.[28] Azrieli Group sold its stake in Compass in June 2023 for NIS 3.2 billion.[29] The same year, it entered agreements to build data centers in Norway and Frankfurt, Germany.[30][31] As of 2026, data centers made up a fifth of the company’s revenue.[32]

Construction of the "The Spiral Tower"—Israel's tallest and most unique skyscraper—began in 2018. It is the fourth tower in the Azrieli Center complex, and its construction is scheduled for completion in 2028.[33]

Properties

[edit]
Name Built/acquired Location
Ayalon Mall[4] 1985 Ramat Gan
Negev Mall[34] 1990 Beersheba
Malha Mall[35] 1993 Jerusalem
Azrieli Circle Tower[36] 1999 Tel Aviv
Azrieli Triangle Tower[37] 1999 Tel Aviv
Azrieli Square Tower[15] 2007 Tel Aviv
Modi'in Mall[38] 2008 Modi'in
Azrieli Hod HaSharon Mall[39] 2008 Hod HaSharon
Givatayim Mall[40] 2009 Givatayim
Haifa Mall[41] 2010 Haifa
Azrieli Akko Mall[42] 2011 Akko
Ramla Mall[43] 2015 Ramla
Azrieli Sarona Tower[15] 2017 Tel Aviv
Azrieli Rishonim[44] 2017 Rishon LeZion
Azrieli Town Tower[45] 2021 Tel Aviv
Mall Hayam Eilat[26] 2022 Eilat
The Spiral Tower 2028 Tel Aviv

See also

[edit]

References

[edit]
  1. ↑ "Investor Relations". Azrieli Group. Retrieved 6 May 2026.
  2. ↑ "דף הבית - הבורסה לניירות ערך בתל אביב | אתר הבורסה". market.tase.co.il. Retrieved 5 May 2024.
  3. ↑ Shtarkman, Rotem (16 May 2005). "Azrieli Bond Issue Plan Reveals Details of Properties". Haaretz.
  4. 1 2 3 Shnidman, Ronen (9 July 2014). "David Azrieli, Canadian-Israeli Shopping Mall Pioneer, Dies at 92". Haaretz.
  5. ↑ Smolsky, Raz (18 June 2008). "קבוצת עזריאלי חנכה קניון במודיעין בהשקעה של 500 מיליון שקל" [Azrieli Group Inaugurated a Mall in Modiin With an Investment of NIS 500 Million]. Haaretz (in Hebrew).
  6. ↑ Margalit, Michal (23 October 2008). "Azrieli Group Buys Stake in Mall". Globes.
  7. ↑ Dovrat, Adi (23 February 2009). "רשות ההגבלים העסקיים אישרה לעזריאלי לרכוש את קניון גבעתיים" [The Antitrust Authority Approved Azrieli to Purchase Givatayim Mall]. TheMarker (in Hebrew).
  8. ↑ Yefet, Orna (13 September 2012). "סוף לשיפוצים: קניון חיפה נפתח" [End of Renovations: Haifa Mall Opens]. Calcalist (in Hebrew).
  9. ↑ Yefet, Orna (31 August 2011). "קניון חדש לקבוצת עזריאלי: בעכו" [New Mall for the Azrieli Group: In Acre]. Calcalist (in Hebrew).
  10. ↑ Yefet, Orna; Freund, Oren (2 March 2015). "קבוצת עזריאלי חנכה את קניון רמלה; דנה עזריאלי: "המומחיות שלנו היא לייצר ערך מאפס"" [The Azrieli Group Inaugurated Ramla Mall; Dana Azrieli: "Our Expertise Is to Generate Value From Scratch"]. Calcalist (in Hebrew).
  11. ↑ Hodi, Uri (24 March 2016). "עזריאלי רוכשת את ביתהדיור המוגן "אחוזת בית" בכ-55 מ' ש'" [Azrieli Acquires the Sheltered Housing House"Ahuzat Bayit" for About 55 Million Shekels]. Globes (in Hebrew).
  12. ↑ "Tambour Chairman: "Israelis are afraid of colorfulness"". Israel National News. Retrieved 3 February 2022.
  13. ↑ Zion, Hila (24 March 2016). "עזריאלי רוכשת פרויקטדיור מוגן ברעננה" [Azrieli Acquires Protected Accommodations Project inRa'anana]. Ynet (in Hebrew).
  14. ↑ Yefet, Orna (19 December 2023). "Closure of Azrieli.com May Herald Fall of Other Israeli E-CommerceSites". CTech.
  15. 1 2 3 Stoler, Tofi; Frenkel, Billy (20 December 2018). "Scrapped London Skyscraper Set to Dominate Tel Aviv Skyline". CTech.
  16. ↑ Yefet, Orna (14 March 2017). "קבוצת עזריאלי השיקהאת מרכז עזריאלי ראשונים, בראשון לציון" [Azrieli Group Launched the Azrieli Center in RishonLeZion]. Calcalist (in Hebrew).
  17. ↑ Dagan, Dorit (11 December 2017). "קבוצת עזריאלי: חלוצת הקניונים שהפכה למובילת הענף" [Azrieli Group: The Pioneer of Shopping Malls That Became the Industry Leader]. Ynet (in Hebrew).
  18. ↑ Omri Zerachovitz (2 August 2020). "Amazon in talks to build three Israel data centers for NIS 1b". Globes. Retrieved 3 August 2020.
  19. ↑ "Azrieli Group Ltd's NIS 2.8 Billion Acquisition of Green Mountain, AS". Lawyer Monthly | Legal News Magazine. Retrieved 19 January 2022.
  20. ↑ "Azrieli Makes Bigger Data Center Bet with Green Mountain Acquisition". Data Center Knowledge. 19 July 2021. Retrieved 19 January 2022.
  21. ↑ Brummer, David. "Tel Aviv greenlights construction of one of Israel's tallest towers". The Times of Israel. ISSN 0040-7909. Retrieved 19 January 2022.
  22. ↑ "Azrieli Group to buy ZMH Hammerman at NIS 873m valuation". Globes. 8 June 2025. Retrieved 6 May 2026.
  23. ↑ Staff, ToI; AP (12 February 2020). "The blacklist: All 112 companies UN says are operating in settlements". The Times of Israel. ISSN 0040-7909. Retrieved 6 May 2026.
  24. ↑ Ditmars, Hadani (25 March 2026). "Canadian foundation with ties to Israel's biggest real-estate company ceases funding for Toronto Arts Foundation following protests". The Art Newspaper - International art news and events. Retrieved 6 May 2026.
  25. ↑ Rochvarger, Michael (17 June 2020). "Israel's Azrieli Group Couldn't Be Better Mall Owners, but Coronavirus Doesn't Care". Haaretz.
  26. 1 2 Dovrat, Adi (3 May 2022). "למרות הביקורת: רשות התחרות אישרה לעזריאלי לרכוש את קניון מול הים באילת". TheMarker (in Hebrew).
  27. ↑ Zomer, Navit (4 October 2021). "שופינג ב-1.31 מיליארד שקל: עזריאלי רוכשת את קניון "מול הים" באילת" [Shopping for 1.31 Billion Shekels: Azrieli Buys the "Mall Facing the Sea" in Eilat]. Ynet (in Hebrew).
  28. ↑ Perger, Amir (9 March 2023). "Azrieli Group Investing $780 Million to Build New Data Center for TikTok". CTech.
  29. ↑ Wrobel, Sharon (20 June 2023). "Azrieli to Sell Stake in US Data Centers Firm for About NIS 3.2 Billion". The Times of Israel.
  30. ↑ Habib-Valdhorn, Shiri (30 December 2025). "Azrieli Jumps on €1B Norwegian Data Centers Deal". Globes.
  31. ↑ Perger, Amir (15 February 2024). "מנכ"ל עזריאלי: "מישהו צריך לאחסן ולעבד את המידע, וזה בבסיס נדל"ן מניב"" [CEO of Azrieli: "Someone Needs to Store and Process the Information, and That's the Basis of Income-Generating Real Estate"]. Calcalist (in Hebrew).
  32. ↑ Sternlicht, Hezi (19 March 2026). "Data Centers Produce a Fifth of Azrieli Group's Revenue". Globes.
  33. ↑ "עזריאלי מגדל הספירלה". Azrieli Group (in Hebrew). Retrieved 18 September 2026.
  34. ↑ Yamin, Guy (8 May 2005). "קניון הנגב: הכנסות של 500 מיליון שקל בשנה, 100% תפוסה". Globes (in Hebrew).
  35. ↑ Winston, Alex (22 June 2024). "Malha: Jerusalem's Regenerated Jewel". The Jerusalem Post.
  36. ↑ "Azrieli Center Circular Tower". Skyscraper Center.
  37. ↑ "Azrieli Center Triangular Tower". Skyscraper Center.
  38. ↑ Smolsky, Raz (18 June 2008). "קבוצת עזריאלי חנכה קניון במודיעין בהשקעה של 500 מיליון שקל". Haaretz (in Hebrew).
  39. ↑ "Azrieli Group Buys Stake in Mall". Globes. 23 October 2008.
  40. ↑ Dovrat, Adi (23 February 2009). "רשות ההגבלים העסקיים אישרה לעזריאלי לרכוש את קניון גבעתיים". TheMarker (in Hebrew).
  41. ↑ Yefet, Orna (13 September 2012). "סוף לשיפוצים: קניון חיפה נפתח". Calcalist (in Hebrew).
  42. ↑ Yafet, Orna (31 August 2011). "קניון חדש לקבוצת עזריאלי: בעכו". Calcalist (in Hebrew).
  43. ↑ Yafet, Orna; Freund, Oren (2 March 2015). "קבוצת עזריאלי חנכה את קניון רמלה; דנה עזריאלי: "המומחיות שלנו היא לייצר ערך מאפס"". Calcalist (in Hebrew).
  44. ↑ Yafet, Orna (14 March 2017). "קבוצת עזריאלי השיקה את מרכז עזריאלי ראשונים, בראשון לציון". Calcalist (in Hebrew).
  45. ↑ "With Its Facade of Dynamic 'Fins,' the Azrieli Town Tower Creates a New Icon for Downtown Tel Aviv Comprising Retail, Residential, Offices, and Public Spaces". Global Design News. 23 September 2022.
[edit]
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