Azrieli Group
Azrieli Group is an Israeli real-estate and holding company best known for developing and managing shopping centers, office complexes, and other income-producing property.
Last updated October 30, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
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.
History
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.
- 2025
ZMH Hammerman acquisition
[1]Reference material states that Azrieli acquired developer ZMH Hammerman, prompting criticism concerning the developer’s alleged settlement-related activities.
- 2022
Spiral Tower receives planning approval
[1]Tel Aviv’s local planning and building committee approved the proposed 350-meter, 91-story Spiral Tower at the Azrieli Center.
- 2021
Green Mountain acquisition
[1]The group acquired Norwegian data-center operator Green Mountain in a reported NIS 2.8 billion transaction.
- 2019
Investment in Compass Holdco
[1]Azrieli acquired a 20% interest in US-based Compass Holdco to develop a presence in data-center real estate.
- 2016
Buy2 e-commerce acquisition
[1]Azrieli announced its entry into e-commerce through the acquisition of Buy2's online business and website.
- 2014
Tambour divestment
[1]The group sold paint manufacturer Tambour to Kusto Group.
- 2007
Azrieli Center development period concludes
[1]The staged development period for Azrieli Center ran through 2007.
- 1996
Azrieli Center development begins
[1]Azrieli began developing its landmark Tel Aviv mixed-use complex, with completion of the staged development continuing through 2007.
- 1993
Jerusalem Mall opens
[1]The group opened its third major shopping mall in Jerusalem.
- 1989
Hanegev Mall opens
[1]Azrieli Group opened its second mall in Beersheba.
Products and positioning
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. A large Israeli owner, developer, and manager of income-producing commercial real estate, with additional exposure to digital infrastructure, senior living, and selected investment businesses.
Retail real estate · 1985
Shopping centers
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. Shopping-center development and management are the group’s historic core activities. Its portfolio includes the Ayalon Mall in Ramat Gan, Hanegev Mall in Beersheba, and Jerusalem Mall. These properties combine retail tenants with services, dining, and other consumer-facing uses, and reflect Azrieli’s role as a major owner and operator of Israeli commercial property.
Commercial real estate · 1996
Office buildings
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. The group develops, owns, and manages office buildings, including the office towers forming part of Azrieli Center. Office property provides a substantial income-producing component alongside the group’s retail portfolio and supports its broader position as a commercial landlord and urban developer.
Digital infrastructure real estate · 2019
Data centers
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.
Senior living real estate
Assisted-living facilities
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. The group has invested in assisted-living facilities for older residents. The business represents a diversification from conventional retail and office property and was reported to account for approximately 7% of group assets in 2020.
Mixed-use development · 2022
Spiral Tower
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.
Mixed-use real estate · 1996
Azrieli Center
Azrieli Center is the group’s flagship mixed-use development in Tel Aviv. Developed in stages between 1996 and 2007, it combines a shopping mall with three office towers. The complex is a major commercial landmark and demonstrates Azrieli’s model of integrating retail and office space in a dense urban setting.
Digital infrastructure · 2019
Data-center real estate
Azrieli expanded into data-center infrastructure through its 2019 investment in Compass Holdco and its 2021 acquisition of Green Mountain in Norway. This business applies the group’s real-estate ownership and development capabilities to facilities that support cloud computing, telecommunications, and other digital services.
E-commerce · 2016
Buy2 e-commerce business
Azrieli entered e-commerce in 2016 through the acquisition of the Buy2 e-commerce business and website. The move represented a diversification into online retail, although the available reference material does not provide sufficient detail on the business's subsequent scale or current operating status.
Controversies
2025
Settlement-related criticism following ZMH Hammerman acquisition
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. Reference material states that Azrieli Group acquired ZMH Hammerman in 2025 and identifies the developer as part of a list of companies operating in West Bank settlements. The same material cites human-rights concerns associated with companies on that list. The allegation and its implications require careful attribution and further primary-source review.
Settlement-related campaigns and allegations
The group and entities connected with the Azrieli Foundation have been targeted by artists and activists in Canada over alleged connections with settlement activity in the occupied West Bank. The available material describes public campaigning but does not establish a final legal determination.
Marketing campaigns
- Canadian artist and activist campaigns
Canada
Artists and activists in Canada have organized campaigns directed at Azrieli Group and its relationship with the Azrieli Foundation. The campaigns have raised concerns about alleged connections to activity in West Bank settlements and other political and human-rights issues. The available reference material does not document a definitive corporate or legal outcome.
Outcome. The available reference material does not document a definitive corporate or legal outcome.
Brand decisions
2025
Acquisition of ZMH HammermanM&ABackground
Azrieli expanded its development interests through the acquisition of a property developer.
Action taken
Reference material states that Azrieli acquired ZMH Hammerman.
Aftermath
The transaction prompted criticism because the acquired developer was identified in the cited material as part of a list of companies operating in West Bank settlements.
2022
Planning approval for Spiral TowerOtherBackground
Azrieli sought to add a major high-rise development to its flagship Tel Aviv complex.
Action taken
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. The proposed tower was described as 350 meters tall with 91 floors. The available source does not confirm completion or opening.
2021
Acquisition of Green MountainM&ABackground
Azrieli pursued international growth in data-center infrastructure after investing in Compass Holdco.
Action taken
The group acquired Norwegian data-center company Green Mountain.
Aftermath
The acquisition expanded Azrieli’s international data-center presence. Reference material reports a transaction value of approximately NIS 2.8 billion.
Reported transaction value. NIS 2.8 billion (2021)
2019
Expansion into data-center real estateStrategyBackground
Azrieli sought exposure to a specialized property segment linked to growing demand for digital infrastructure. Growing demand for digital infrastructure created an opportunity to apply commercial real-estate capabilities to data-center facilities.
Action taken
The group purchased a 20 percent interest in United States-based Compass Holdco.
Aftermath
The investment established a platform for deeper participation in data-center property and preceded the later Green Mountain acquisition.
2016
Entry into e-commerce through Buy2StrategyBackground
The group sought to diversify beyond physical property and participate in online retail.
Action taken
Azrieli acquired the e-commerce business and website of Buy2.
Aftermath
The acquisition marked the group’s entry into e-commerce, but the available material does not establish the venture’s later performance or status.
2014
Divestment of TambourM&ABackground
Tambour was an industrial paint-manufacturing holding within the group's broader portfolio. Azrieli held the paint manufacturer Tambour while broadening its focus around real estate and related investments.
Action taken
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. The transaction reduced Azrieli’s exposure to industrial manufacturing and reinforced its real-estate-centered profile.
Recent events
Azrieli Group agrees to acquire Green Mountain[4]
Reported:
Smedvig, Green Mountain’s majority owner, agreed to sell the company to Azrieli Group Ltd. The announcement said the acquisition would provide capital for Green Mountain’s growth ambitions in the European market.
- Unconfirmed
Azrieli Group buys land near Holon business park[5]
Reported:
Azrieli Group bought land in the Holon industrial zone for NIS 63.8 million after winning an Israel Land Authority tender for four lots.
Sources6 sources
- 1Azrieli Groupen.wikipedia.org
- 2Azrieli Group official websiteazrieligroup.com
- 3Azrieli Group official websiteazrieli.com
- 4Azrieli Group同意收购Green Mountainmynewsdesk.com
- 5Azrieli Group购买Holon商业园附近土地en.globes.co.il
- 6Israel's Azrieli Group acquires Green Mountain data centers - Developing Telecomsdevelopingtelecoms.com
Cite this profile: Cite the canonical profile. /brand-wiki/azrieli-group-ltd · Editorial policy · How profiles are compiled