August 19, 2014 / 12:26 PM / 4 years ago

Azrieli Group transfers control to kin of David Azrieli

JERUSALEM, Aug 19 (Reuters) - Israeli real estate developer Azrieli Group said on Tuesday that control of the company had been transferred to the three daughters of David Azrieli, who died last month at the age of 92.

David Azrieli, an architect by profession, had stepped down in early July as chairman of the group due to poor health. His daughter, Danna, is serving as acting chairwoman.

Danna and her sisters, Sharon and Naomi, will hold 55.62 percent of Azrieli Holdings, the parent of Azrieli Group, after David’s shares were transferred to his daughters following his death.

They will also hold more than 50 percent of the company’s voting rights and have the right to nominate one of three directors to the Azrieli Holdings board.

Azrieli Group has numerous investments in Israel. It built the country’s first shopping malls and Tel Aviv’s landmark Azrieli Centre, a complex of office towers and shopping areas.

Born in Poland in 1922, Azrieli survived the Holocaust and fought in Israel’s War of Independence before moving to Canada, where he made his fortune in real estate. He opened Israel’s first mall in a Tel Aviv suburb in 1985. (Reporting by Steven Scheer; editing by David Clarke)

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