The Marker, Asa Sasson, 24.05.2020

Company Clal Insurance is trying to continue business as usual display, after recent weeks, the company found itself the focus of media attention in light of the overthrow of CEO Yoram Naveh by the Chairman Danny Naveh.

Clal Insurance will join a loan that will provide Narkat with a total of NIS 130 million for a purchase group project to build 186 housing units in the Yam Park complex in Bat Yam. The project, estimated at NIS 500 million, is being carried out by Electra Construction and is expected to be completed by May 2023. This is the first time Clal Insurance has partnered with Barkat to finance real estate projects. .

The project will cover an area of ​​5,998 square meters, and will include a two-tower residential complex with 93 housing units in each tower.

Clal Insurance Stock

The funding provided by Emergency, according to the rate of construction progress , will allow the landowner group to complete the project without any delays, depending on the rate of progress required. Collaboration with Clal Insurance will enable Barkat to expand its operations in the credit industry to the real estate sector and will be a competition for entrepreneurs and acquisition groups.

Adi Gazit, CEO of Barkat, noted that "cooperation with Clal Insurance and Finance is a significant and important strategic step for the company, enabling us to integrate into significant and leading projects in the industry."

Yossi Dori, CEO of CNF and chief investment officer of Clal Insurance , noted that "Clal Insurance invests a great deal of resources in increasing the volume of transactions in Israel and in the world, out of a long-term strategy of generating excess returns on the market for its peers."