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“Since being appointed CEO of Discount Investment Corporation and Property & Building Corp., Mishan-Zakai has led a series of asset sales totaling ILS 4 billion, which included the sale of Cellcom, Mehadrin, Epsilon, Elron and real estate. In fact, at present Property & Building Corp. and Discount Investment Corporation are left with a single holding in addition to Gav-Yam – 10 Bryant Park (formerly HSBC Tower) in New York. In addition, debt refinancing was carried out in the sum of billions of shekels and the group’s leverage was lowered.”
Dramatic change at Gav-Yam: The board of directors of the income-generating properties company from the Discount Investment Corporation Group decided to appoint Nataly Mishan-Zakai as CEO. She will replace Avi Jacobovitz, who served as CEO for 12 years, and who will now be appointed deputy chairman of the company.
Mishan-Zakai joined the Discount Investment Corporation Group two years ago and was appointed CEO of Discount Investment Corporation (DIC) and the subsidiary Property & Building Corp. Prior to this she served as deputy CEO and General Counsel of Harel Group.
The appointment to the role of Gav-Yam CEO is in fact a vote of confidence by the major shareholders of DIC, the Salkind brothers and Tzahi Nahmias. Gav-Yam is the crown jewel as far as the Salkinds and Nahmias are concerned, and in certain aspects it is the reason why they invested in DIC.
Since being appointed CEO of DIC and Property & Building Corp., Mishan-Zakai has led a series of asset sales totaling ILS 4 billion, which included the sale of Cellcom, Mehadrin, Epsilon, Elron and real estate. In fact, today Property & Building Corp. and DIC are left with a single holding in addition to Gav-Yam – 10 Bryant Park (formerly HSBC Tower) in New York. In addition, debt refinancing was carried out in the sum of billions of shekels and the group’s leverage was lowered.
Baruch Itzhak will be appointed as CEO of Property & Building Corp. and DIC; he currently serves as CFO of the companies, a role he will continue to hold.
As stated, the other significant property of Property & Building Corp., apart from Gav-Yam, is 10 Bryant Park in New York, in respect of which the company completed value-enhancement activities, including debt refinancing in the amount of ILS 1.3 billion and the introduction of new tenants. The companies intend to engage in an agreement whereby Gav-Yam, partly through Mishan-Zakai, will provide consulting services to Property & Building Corp. in this regard, in order to maintain continuity of building maintenance and value-enhancement.
During Jacobovitz’s term as CEO of Gav-Yam, the company demonstrated significant growth. From January 2013 until today the company’s value surged from ILS 1.5 billion to ILS 6.5 billion, and the NOI (net operating income from properties) doubled, from ILS 323 million in 2012 to ILS 657 million in 2023.
Gav-Yam’s chairman, Mikey Salkind, said: “Focusing and concentrating the group’s activity on Gav-Yam constitutes a strategic and important step allowing us to focus our resources and efforts on income-generating properties, where we have proven expertise and a significant advantage.”
The company, whose products are sold mainly to the defense industry, leased the new office spaces in Jerusalem at an annual cost of around ILS 7 million; the Givat Ram Campus project is a joint project of Gav-Yam, The Hebrew University and the Jerusalem Development Authority; tenants are expected to occupy the project’s first stage in late 2024
The income-generating properties giant recorded revenues of ILS 684 million from the increase in value of its properties • CEO Avi Jacobovitz: “We are experiencing strong and stable demand for the establishment and expanding development centers; international technology companies are here to stay and they are leading the market trend”
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