Phoenix to finance four Enav urban renewal projects

Real estate company Enav has signed a financing agreement with insurance company Phoenix Financial (TASE: PHOE). Under the terms of the agreement, Phoenix will extend credit of up to NIS 320 million, which will serve as equity capital for four Enav projects.

The initial investment will focus on four projects: 240 housing units in Ramat Gan; 244 housing units in Kfar Saba; 255 housing units in Kiryat Ono; and 288 housing units in Tel Aviv.

Enav is promoting over 35 urban renewal projects throughout the country including about 25,000 housing units. The company currently has six projects in marketing and construction totaling about 1,400 housing units. In 2026, the company expects four more projects to be marketed and under construction totaling 1,300 additional housing units. The cities in which Enav is promoting projects include: Beer Yaakov, Tel Aviv, Ramat Gan, Kiryat Ono, Yehud, Haifa, Kfar Saba, Jerusalem, Netanya, Hadera, Bnei Brak and Eilat.

There has been major progress recently in a number of projects that are ready for implementation by Enav: a permit has been received for the first stage of the Herzl Complex project in Beer Yaakov, which will include a total of about 2,000 housing units; a permit has been received for the Mohiliver Complex in Yehud, which will include about 1,100 housing units, and a ceremony was held for the demolition of buildings in the first phase of the project; a plan has also been approved for the Nurit Complex in Jerusalem, which will include 452 housing units and an additional 2,500 square meters for commerce and offices. In addition, a plan has been approved for the Eli Cohen Complex in Hadera, which will include 1,300 housing units

The agreement with Phoenix Insurance was led by Enav CFO Adi Even. Enav’s legal support was led by Adv Ariel Dinovetskey of Barr Dinovetskey & Co. The transaction was led on behalf of Phoenix Insurance by Itzik Dagan, Manager of Non-Marketable Credit. Legal support for Phoenix was provided by Meitar law firm Partner Adv. Gal Feingold. The underwriters supporting the transaction are Gil Calderon and Dan Rimon from Menora Underwriting.

Enav, which was founded 25 years ago by Effi Katz, is one of the pioneers in the urban renewal sector and is ranked as one of the leading companies in the field in Israel. Enav is undertaking urban renewal projects which include housing, commercial space, offices and hotels, with the company specializing in large and complex demolition and reconstruction projects. The company has a backlog of over 25,000 housing units to be built, encompassing a total area of about 3,500,000 square meters in planning.

Enav CEO Effi Katz said, “Enav welcomes the collaboration with Phoenix, one of the main and influential institutional entities in the Israeli economy. We are currently operating in dozens of large projects in the most attractive areas of the country, with a scale of tens of thousands of housing units, while adhering to high standards, meticulous planning and focusing on the needs of the community and the families who will live in the projects. We see this move as a significant financial boost and leverage that will allow us to expand our activities, create quality housing solutions for thousands of families, and continue to have a positive impact on cities in Israel in the coming years, while leading the field of urban renewal in Israel.”

Published by Globes, Israel business news – en.globes.co.il – on September 14, 2025.

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