Azrieli Group

Azrieli Group is an Israeli real-estate and holding company associated with the Azrieli family and named after its founder, David Azrieli. Its principal business is the development, ownership and management of income-producing property, especially shopping malls and office buildings in Israel. The group has also expanded into data-center real estate, assisted-living facilities and selected digital and technology-related investments. The company began operating in 1982 with the development of what became Ayalon Mall in Ramat Gan. That shopping center opened in July 1985 and established the group's model of combining large-scale retail destinations with professionally managed commercial property. Further mall developments followed, including Hanegev Mall in Beersheba in 1989 and Jerusalem Mall in 1993. These projects helped make the Azrieli name prominent in Israel's retail and property sectors. The group's most recognizable development is Azrieli Center in Tel Aviv. Developed in stages between 1996 and 2007, the complex combines a shopping mall with three major office towers and became one of the country's best-known commercial landmarks. The group has subsequently maintained a diversified real-estate portfolio rather than relying solely on conventional retail. Its activities have included office properties, shopping centers, logistics and other commercial assets, senior-living facilities and data-center infrastructure. Azrieli Group's portfolio has also changed through acquisitions and disposals. In 2014, it sold the Israeli paint manufacturer Tambour to the Kusto Group, ending its ownership of that industrial business. In 2016, it announced an entry into e-commerce through the acquisition of Buy2's e-commerce business and website. The company later increased its exposure to data-center real estate, acquiring a 20 percent interest in the United States-based Compass Holdco in 2019 and acquiring Norwegian data-center operator Green Mountain in 2021 for approximately NIS 2.8 billion, according to the cited reference material. As of the cited Wikipedia reference, Azrieli Group reported total assets of approximately NIS 60.7 billion and was included in the TA-35 Index. The group has also pursued major urban development projects. In January 2022, Tel Aviv planning authorities granted permission for the proposed Spiral Tower at Azrieli Center, a planned 91-story, approximately 350-meter tower. The project would add a major high-rise component to the existing complex, although planning approval does not by itself establish completion or operational status. Azrieli Group's business profile combines long-term property ownership with development, leasing and asset management. Its shopping-center and office portfolio gives it a substantial domestic presence, while data centers provide exposure to infrastructure demand driven by cloud computing and digital services. The group has also faced public criticism and activist campaigns concerning alleged links between parts of its business activities and Israeli settlements in the occupied West Bank. In 2025, reference material reported the acquisition of developer ZMH Hammerman, described as appearing on a list of companies connected with settlement activity. The company therefore operates both as a major Israeli property platform and as a subject of debate regarding the social and human-rights implications of real-estate investment.

Azrieli Group was established in 1982 by David Azrieli, initially concentrating on large-scale retail property development in Israel. Its first major project was Ayalon Mall in Ramat Gan, which opened in July 1985. The mall provided the foundation for a business model based on developing and managing shopping centers as long-term commercial assets. The company expanded its retail footprint with Hanegev Mall in Beersheba in 1989 and Jerusalem Mall in 1993. These developments extended the group's reach beyond the Tel Aviv metropolitan area and strengthened its position in Israel's shopping-center market. The Azrieli name became particularly associated with prominent, strategically located commercial properties rather than with a single retail format. From 1996 through 2007, the group developed Azrieli Center in Tel Aviv in stages. The project combined a shopping mall with three office buildings and became a major landmark on the city's skyline. It illustrated the group's broader strategy of integrating retail, office and urban-development components within high-value metropolitan sites. Azrieli Group later diversified its holdings. In 2014, it sold Tambour, an Israeli paint manufacturer, to Kusto Group. In 2016, it moved into e-commerce by acquiring the e-commerce business and website of Buy2. Although property remained its core activity, these steps showed an interest in adjacent consumer and commercial platforms. The group also developed exposure to specialized infrastructure. In July 2019, it acquired a 20 percent stake in Compass Holdco in the United States as part of an effort to compete in data-center real estate. In 2021, it acquired Green Mountain, AS, a Norwegian data-center operator, in a transaction reported at approximately NIS 2.8 billion. Assisted-living investment also became part of the portfolio; the cited material states that assisted-living facilities represented 7 percent of the group's assets in 2020. In January 2022, Tel Aviv's local planning and building committee granted permission for the proposed Spiral Tower at Azrieli Center. The planned tower was described as approximately 350 meters high with 91 floors. The proposal would further extend the group's flagship Tel Aviv complex, although planning authorization should not be treated as evidence that the building has been completed. The group is listed on the Tel Aviv Stock Exchange under the symbol AZRG and is included in the TA-35 Index. The cited reference material gives total assets of NIS 60.7 billion, but does not provide a clearly specified reporting date in the supplied text. In 2025, the group was reported to have acquired developer ZMH Hammerman. The transaction generated controversy because ZMH Hammerman was described as being included on a list of companies operating in or connected with West Bank settlements. Artists, activists and human-rights campaigners in Canada have also targeted the group and related Azrieli Foundation connections over settlement-related concerns. These criticisms form an important part of the group's recent public profile, alongside its continuing role as a major Israeli owner and developer of retail, office and digital-infrastructure property.

1. 2025ZMH Hammerman acquisition

   Reference material reported the acquisition of developer ZMH Hammerman amid settlement-related criticism.

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2. 2022Spiral Tower receives planning approval

   Local authorities approved plans for a proposed 350-meter, 91-story tower at Azrieli Center.

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3. 2021Green Mountain acquisition

   The group acquired Norwegian data-center operator Green Mountain in a reported NIS 2.8 billion transaction.

   Source
4. 2019Compass Holdco investment

   Azrieli acquired a 20 percent interest in Compass Holdco to expand into data-center real estate.

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5. 2016Buy2 e-commerce acquisition

   Azrieli announced its entry into e-commerce through the acquisition of Buy2's online business and website.

   Source
6. 2014Tambour divestment

   The group sold paint manufacturer Tambour to Kusto Group.

   Source
7. 2007Azrieli Center development period concludes

   The staged development period for Azrieli Center ran through 2007.

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8. 1996Azrieli Center development begins

   Development of the mixed-use Azrieli Center in Tel Aviv began.

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9. 1993Jerusalem Mall opens

   The group opened its third mall, Jerusalem Mall.

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10. 1989Hanegev Mall opens

    Azrieli Group opened its second mall in Beersheba.

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11. 1985Ayalon Mall opens

    The group's first major mall opened in Ramat Gan in July.

    Source
12. 1982Operations begin with Ayalon Mall development

    Azrieli Group began its activities by developing the future Ayalon Mall in Ramat Gan.

    Source

A large, long-term Israeli property owner and developer with a landmark portfolio in retail and offices, increasingly diversified into digital infrastructure and other specialized real-estate sectors.

• Shopping centersRetail real estate1985

  Azrieli Group develops and manages large shopping centers that combine retail tenants, food and beverage, entertainment and other customer-oriented services. Its mall portfolio includes Ayalon Mall in Ramat Gan, Hanegev Mall in Beersheba and Jerusalem Mall. These assets represent the group's original and most visible operating platform in Israel.

• Office buildingsCommercial real estate1996

  Office development and ownership are central to Azrieli Group's income-producing property business. The best-known example is Azrieli Center in Tel Aviv, a mixed-use complex combining a shopping mall with three office buildings. The group leases and manages office space as part of a broader portfolio of commercial properties.

• Data centersDigital infrastructure real estate2019

  Azrieli Group expanded into data-center real estate through its investment in Compass Holdco and its acquisition of Green Mountain in Norway. This line gives the group exposure to demand for facilities supporting cloud computing, digital services and high-capacity information technology infrastructure.

• Assisted-living facilitiesSenior living real estate

  The group has invested in assisted-living facilities for older residents. The supplied reference material states that assisted living represented 7 percent of group assets in 2020, indicating that it was a meaningful but non-core component of the wider property portfolio.

• Spiral TowerMixed-use development2022

  Spiral Tower is a proposed high-rise addition to Azrieli Center in Tel Aviv. The approved concept was described as a 91-story building approximately 350 meters tall. It is a development project rather than a completed operating property in the supplied reference material.

• 2022Planning approval for Spiral TowerOther

  Azrieli Group proposed a major addition to its flagship Tel Aviv complex.

  What changed. The Tel Aviv local planning and building committee granted permission for a proposed 91-story, approximately 350-meter Spiral Tower.

  Aftermath. The approval advanced the proposed development, but the supplied reference does not confirm construction or completion.

  Source
• 2021Acquisition of Green MountainM&A

  The group continued building a data-center portfolio after its Compass Holdco investment.

  What changed. Azrieli acquired Norwegian data-center operator Green Mountain.

  Aftermath. The acquisition increased Azrieli's international exposure to data-center infrastructure.

  Reported transaction value. NIS 2.8 billion (2021)

  Source
• 2019Expansion into data-center real estateStrategy

  Azrieli sought exposure to a specialized property segment linked to growing demand for digital infrastructure.

  What changed. The group purchased a 20 percent interest in United States-based Compass Holdco.

  Aftermath. The investment established a platform for further international data-center expansion.

  Source
• 2016Entry into e-commerce through Buy2Strategy

  The group sought to extend its retail presence beyond physical shopping centers.

  What changed. Azrieli acquired the e-commerce business and website of Buy2.

  Aftermath. The transaction marked the group's entry into e-commerce, although the supplied material does not describe the venture's later performance.

  Source
• 2014Divestment of TambourM&A

  Tambour was an industrial paint-manufacturing holding within the group's broader portfolio.

  What changed. Azrieli Group sold Tambour to Kusto Group.

  Aftermath. The sale reduced the group's exposure to paint manufacturing and returned focus toward property and related investments.

  Source

• 2025Settlement-related criticism following ZMH Hammerman acquisitionControversy

  The reported acquisition of developer ZMH Hammerman prompted criticism because the company was described as appearing on a list of businesses connected with activities in West Bank settlements. Activists and human-rights campaigners have also criticized Azrieli Group and links associated with the Azrieli Foundation over alleged connections to settlement activity. The supplied material does not establish a legal finding against Azrieli Group.

  Source

• 2022Spiral Tower receives local planning permission

  The Tel Aviv local planning and building committee permitted the proposed 91-story, approximately 350-meter Spiral Tower at Azrieli Center.

  Product launchOther
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• 2021Azrieli expands into Norwegian data centers

  Azrieli Group acquired Green Mountain, a Norwegian data-center operator, in a transaction reported at approximately NIS 2.8 billion.

  M&A
  Source
• 2019Azrieli acquires stake in Compass Holdco

  The group acquired a 20 percent interest in United States-based Compass Holdco to build exposure to data-center real estate.

  M&A
  Source
• 2016Azrieli enters e-commerce through Buy2 acquisition

  Azrieli Group announced the acquisition of Buy2's e-commerce business and website, marking an expansion beyond physical property and retail centers.

  M&A
  Source
• 2014Azrieli Group sells Tambour

  The group sold paint manufacturer Tambour to Kusto Group as part of a move away from that industrial holding.

  M&A
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• 1985Ayalon Mall opens in Ramat Gan

  Azrieli Group's first mall opened in July, establishing its presence in Israeli retail real estate.

  Other
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• 1982Azrieli Group begins development of Ayalon Mall

  The group commenced its first major development project, the mall later known as Ayalon Mall in Ramat Gan.

  Other
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1. Azrieli Group
2. Azrieli Group official website