Azrieli Donates $230-Million Company Stake to Foundation
March 17, 2014
Canadian-Israeli property tycoon David Azrieli is contributing corporate shares worth more than $231-million to his philanthropic foundation, Reuters reports.
The gift was announced Thursday, a week after Mr. Azrieli’s daughters disclosed plans for the family to donate $100-million over the next five years, dramatically ramping up its giving.
The Azrieli Foundation, which focuses on education in Israel but supports other primarily Jewish causes there and in Canada, will receive 6.9 million shares in Azrieli Group. That represents a 5.7 percent stake in the firm, which has investments in several shopping malls in Israel and owns industrial holding company Granite Hacarmel.
