Ofer Brothers divvy up empire

Tycoon brothers Sammy and Yehuda (Yuli) Ofer today spelled out the division of their business empire between their households, months after announcing the decision to split up their assets.

The real estate and hotels operations of the Ofer Brothers operations in Israel and eastern Europe, run by Ofer Brothers Properties, will be run by Yuli Ofer, who will serve as chairman of the group, alongside Liora Ofer. Avi Levy will serve as chief executive.

Ofer Brothers Properties' assets include several shopping malls and commercial centers with 300,000 square meters of floor space. The company also engages in construction and is currently involved in building more than 1,000 housing units.

The Israel Corporation (TASE: ILCO ) will stay with Idan Ofer, Sammy Ofer's son, who will stay on as the company's chairman.

Ehud (Udi) Angel will remain as chairman of Zim, in which Israel Corporation owns a major interest.

Members of Sammy Ofer's family hold 80% of the Ofer family's holdings in Israel Corporation. The other 20% is held by a family company co-owned by Sammy Ofer, Doron Ofer, and Ehud Angel.

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