News Column

BRIEF: Nawi brothers buy four penthouses

June 23, 2014

By Aviv Levy and Ron Stein, Globes, Tel Aviv, Israel

June 23--After pocketing nearly NIS 100 million in the past eighteen months, mainly through selling shares in Nawi Brothers, the prosperous non-bank financing company that they control, brothers Dori and Shaul Nawi are channeling a substantial part of their liquid capital into investment in residential real estate. Sources inform "Globes" that the two recently spent some NIS 65 million in buying four penthouses in Africa Israel Residences' prestigious Savyonei Ramat Aviv project in north Tel Aviv. The price works out at NIS 48-54,000 per square meter, and the properties were apparently bought for investment.

Nawi Brothers' main business is check discounting. Since it became a stock exchange company in early 2011 through a merger into a stock market shell, Nawi Brothers has reported impressive growth in activity and profits. In three years as a public company it has posted aggregate net profits of NIS 157 million.

The Savyonei Ramat Aviv project comprises 400 apartments in ten buildings on what was the site of the Ramat Aviv Hotel.


(c)2014 the Globes (Tel Aviv, Israel)

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Source: Globes (Tel Aviv)

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