 Azrieli Center | |
Company type | Public |
|---|---|
| TASE: AZRG TA-35 Index Component | |
| Industry | Real estate, financial services |
| Founded | 1982 (1982) |
| Headquarters | , Israel |
Key people | Eyal Henkin (CEO), Danna Azrieli (chairwoman) |
| Website | www |
Azrieli Group (Hebrew: קבוצת עזריאלי) is an Israeli real estate and holding company named after its founder David Azrieli. The company is engaged mainly in the development and management of shopping malls and office buildings in Israel.
The Azrieli Group is Israel’s largest real estate company with total assets of NIS 60.7 billion.1 They are responsible for some of the largest real estate projects in Israel, including major shopping malls like the Azrieli Jerusalem Mall and Azrieli Ayalon Mall. They also invest in companies that operate in illegal West Bank settlements like Bank Leumi2 and ZMH hammerman.3
The company is traded in the Tel Aviv Stock Exchange under the symbol AZRG, and is part of the Tel Aviv 35 Index.4
History
Azrieli Group started its activities in 1982, developing the Ayalon Mall in Ramat Gan, which opened in July 1985.
Azrieli Group opened its second mall, Hanegev Mall, in Beersheva in 1989. The opened a third mall, the Jerusalem Mall, in 1993.
Between 1996 and 2007, the group developed the Azrieli Center in Tel Aviv, a complex that includes three office buildings above a shopping mall.
In 2014, it sold paint manufacturer Tambour to the Kusto Group, a corporation registered in Singapore and owned by Kazakhs.5
In 2016, the group announced its entry into the e-commerce sector with the acquisition of the eCommerce business and website of Buy2,6 founded by serial entrepreneur Aviv Refuah. The website was rebranded under the name "Azrieli.com" and is considered one of the leading eCommerce websites in the region.
Its investment in assisted living facilities for the aged made up 7% of its assets as of 2020.7
In July 2019, Azrieli acquired 20% of US-based Compass Holdco to compete in the data center real estate business.8 In 2021, Azrieli acquired Green Mountain, AS for ₪2.8 Billion.910
In January 2022, permission was given by the Tel Aviv local planning and building committee to build the Spiral Tower at the Azrieli Center, which will be a 350 m (1,150 ft) tall, 91-storey building and would become the second-tallest structure in Israel after the Dimona Radar Facility.11
In 2025, Azrieli Group bought developer ZMH Hammerman12, which is part of a list of companies operating in West Bank settlements. The UN Human Rights Council noted that the companies flagged by the list were all responsible for activities that “raised particular human rights concerns”.13
Controversy
David Azrieli, the Canadian-Israeli founder of the Azrieli Group, was part of the paramilitary gang the Haganah in 1948. His unit, the Seventh Brigade, was responsible for the “Battle of Jerusalem” which forcibly displaced 10,000 Palestinians.14
In recent years, the Azrieli Group and its ties to the Azrieli Foundation have been the target of campaigns by artists and activists in Canada due to its connections with activity in illegal settlements in the occupied West Bank and other concerns.15
The Azrieli Group holds about a 2.3% stake in Bank Leumi, which provides financial services and benefits from financial activity in Israeli settlements in the occupied Palestinian territory. Until 2019, Bank Leumi was the sole owner of Granite HaCarmel, a company that runs gas stations and convenience stores in illegal settlements in the occupied West Bank and occupied East Jerusalem.16
At the end of 2025, the Azrieli Group bought ZMH hammerman, which owns a commercial center in the Alfei Menashe settlement (built over land confiscated from the nearby Palestinian villages of Nabi Ilyas, Islah, and Ras Atiya) and was involved in a construction project in the settlement of Har Homa in occupied East Jerusalem.17
Azrieli Group is also criticized for constructing and leasing a campus for SolarEdge Technologies, an Israeli-headquartered company founded in 2006 by former special forces soldier Guy Sella and partly owned by BlackRock, one of the world’s most prominent investors in climate destruction.18
References
References
- "Investor Relations". Azrieli Group. Retrieved 6 May 2026.
- Medjool2 (30 October 2025). "The Azrieli Foundation is more than it seems › Just Peace Advocates". Retrieved 6 May 2026.
{{cite web}}: CS1 maint: numeric names: authors list (link) - "Azrieli Group to buy ZMH Hammerman at NIS 873m valuation". Globes. 8 June 2025. Retrieved 6 May 2026.
- "דף הבית - הבורסה לניירות ערך בתל אביב | אתר הבורסה". market.tase.co.il. Retrieved 5 May 2024.
- "Tambour Chairman: "Israelis are afraid of colorfulness"". Israel National News. Retrieved 3 February 2022.
- "Azrieli Buys Buy2's eCommerce Platform". CISION PR Newswire. Retrieved 3 May 2016.
- "Israel's Azrieli Group Couldn't Be Better Mall Owners, but Coronavirus Doesn't Care". Haaretz. Retrieved 3 February 2022.
- Omri Zerachovitz (2 August 2020). "Amazon in talks to build three Israel data centers for NIS 1b". Globes. Retrieved 3 August 2020.
- "Azrieli Group Ltd's NIS 2.8 Billion Acquisition of Green Mountain, AS". Lawyer Monthly | Legal News Magazine. Retrieved 19 January 2022.
- "Azrieli Makes Bigger Data Center Bet with Green Mountain Acquisition". Data Center Knowledge. 19 July 2021. Retrieved 19 January 2022.
- Brummer, David. "Tel Aviv greenlights construction of one of Israel's tallest towers". The Times of Israel. ISSN 0040-7909. Retrieved 19 January 2022.
- "Azrieli Group to buy ZMH Hammerman at NIS 873m valuation". Globes. 8 June 2025. Retrieved 6 May 2026.
- Staff, ToI; AP (12 February 2020). "The blacklist: All 112 companies UN says are operating in settlements". The Times of Israel. ISSN 0040-7909. Retrieved 6 May 2026.
- Medjool (31 October 2025). "The Azrieli Foundation is more than it seems. › Just Peace Advocates". Retrieved 6 May 2026.
- Ditmars, Hadani (25 March 2026). "Canadian foundation with ties to Israel's biggest real-estate company ceases funding for Toronto Arts Foundation following protests". The Art Newspaper - International art news and events. Retrieved 6 May 2026.
- Leumi, Who Profits-The Israeli Occupation Industry- Bank. "Who Profits - The Israeli Occupation Industry - Bank Leumi". Who Profits - The Israeli Occupation Industry - Bank Leumi. Retrieved 6 May 2026.
- Hammerman, Who Profits-The Israeli Occupation Industry- Z. M. H. "Who Profits - The Israeli Occupation Industry - Z.M.H. Hammerman". Who Profits - The Israeli Occupation Industry - Z.M.H. Hammerman. Retrieved 6 May 2026.
- "SolarEdge: Israel's dirty green energy company". Red Flag. 9 October 2024. Retrieved 6 May 2026.