Real estate investment fund JTLV has liquidated its holding in developer Duniec Brothers (TASE: DUNI). Yesterday, the fund, managed by Amir Biram, Ariel Rotter, and Shlomo Gutman, sold its entire remaining 22% stake for NIS 530 million.
In the off-floor deal, JTLV sold its shares in Duniec to several financial institutions and private investors at NIS 271 per share, representing a 13.5% discount on the market price. Following the sale, the company has no controlling shareholder, after a long period in which the fund sought to sell its stake to a single investor.
The sale is a successful exit for JTLV, leaving it with a total gain of over NIS 500 million.
In 2020, JTLV took advantage of the liquidity difficulties of Yitzhak Tshuva to buy 70% of real estate company Elad Residence for NIS 198 million. Eighteen months later, the fund expanded its investment, and bought a further 20% from Tshuva for NIS 68.5 million, giving it a 90% stake in the company.
JTLV subsequently bought 17% of Duniec Brothers for NIS 118 million, and then raised its stake to 26% with an additional NIS 78 million share purchase. In June 2022, it carried out a share swap between Duniec Brothers and Elad Residence, turning the latter into a wholly owned subsidiary of Duniec, in which JTLV’s stake reached 50%.
Last year, JTLV began to sell its shares in Duniec, with an initial sale of 14% for NIS 280 million, and a sale of a further 10% a few weeks later for NIS 191 million to financial institutions that exercised the option given to them in the first sale.
Published by Globes, Israel business news – en.globes.co.il – on January 8, 2026.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2026.
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