Real estate developer BST Group reported this morning that it had signed a strategic agreement with The Phoenix Holdings and Menora Mivtachim under which they will buy and improve multifamily assets in Canada, to the tune of some NIS 500 million.
An announcement on behalf of the three companies said that the joint investment would focus on acquiring and enhancing thousands of housing units in multifamily properties in Canada, in the light of the growing demand for housing in the country.
BST Group was founded by the late Badi Tannous. It is headed by group CEO Elias Tannous, Alaa Tannous, CEO of BST Global, and Wasim Tannous, the group’s VP of assets. The group specializes in development and construction of large, complex real estate projects in Israel and around the world. Among its outstanding projects are the Toha Tower, the Rubinstein Twins, the TLV Mall, and Azrieli Town in Tel Aviv, Menora Mivtachim House in Ramat Gan, and the Sammy Ofer Stadium in Haifa.
Gadi Ben-Haim, global head of real estate at Menora Mivtachim, said, “The rental housing market in Canada holds significant growth potential, supported by strong foundations and consistent demand. This investment, together with highly-regarded and experienced business partners, fits Menora Mivtachim’s long-term strategy of deepening its global presence in residential real estate, amid diversification of our investments among leading housing markets around the world, out of an assessment that this sector offers an optimal risk-return profile characterized by relative stability alongside potential for exceptional returns for the group’s members.”
Published by Globes, Israel business news – en.globes.co.il – on May 4, 2025.
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