Azrieli to Donate $1b to Charitable Foundations

According to The Canadian Jewish News, the 88 year old David Azrieli will shortly be offering 25% of the Azrieli Group Ltd. for public sale and then donate the proceeds to charity.

Azrieli to give $1 billion to charitable foundations

Charitable foundations in Canada and Israel will benefit from a billion-dollar infusion of capital as a result of David Azrieli’s restructuring of his Israeli-based business.

… The company hopes to raise $728 million (US) at $25 a share, bringing its worth to almost $2.9 billion, which would make it Israel’s largest public real estate company.

The other 75 per cent will be owned by Azrieli and his four children, three of whom live in Canada.

The prospectus was approved by the Israel Securities Authority on May 11. Institutional investors will be able to buy as of May 31, and the general public by June 3.

Azrieli’s current personal stake is 40 per cent, and that of his son, Rafi, 15 per cent, which together are currently worth about $1.2 billion. When the public shares are sold, Azrieli, as chairman of the board, will retain 30 per cent of the company’s equity, while his four children will each own 11.25 per cent.

The offering’s prospectus states that Azrieli and his son intend to donate all or most of their holdings to charitable foundations. [emphasis eJP]