Africa Israel Residences, listed on TASE (AFRE) and part of the Africa Israel group, holds North lots 3202 and 3209, won on 26 March 2025 in rental tender 273/2024 for ₪247.9M plus VAT through A.M. Israel Residence Development Ltd. The two lots will hold 390 long-term rental homes, half at controlled rents for 20 years: a 20-storey tower, a 9-storey building and a 6-storey office building on 3202, and a 40-storey tower with 7 and 9-storey buildings on 3209, all by Kika Braz Architects. Both design plans were approved on 18 February 2026; none of the homes will be sold.
The company
Legal name
Africa Israel Residences Ltd (winning vehicle: A.M. Israel Residence Development Ltd) אפריקה ישראל מגורים בע"מ (הזוכה: א.מ. ישראל מגורים פיתוח בע"מ)
Founded
1934, as Africa Palestine Investments, by South African Jewish investors. Renamed in 1967.
Head office
Yehud
Listed
TASE: AFRE
Ownership
Controlled by Bank Leumi from the early 1970s, then by Lev Leviev from 1996 and 1997, and since 2018 by Moti Ben Moshe. The parent is now private and delisted. The entity active at Sde Dov is the separately listed subsidiary Africa Israel Residences, whose chief executive since March 2025 is Ronit Ashed-Levy.
Scale
Africa Israel Residences reported net profit of about ₪200M for the 2025 financial year.
Elsewhere
Glil Yam, Herzliya, 273 Dira LeHaskir rental homes, occupied
Shoham, 271 Dira LeHaskir rental homes, occupied
Morad Arnona, Jerusalem, 204 Dira LeHaskir rental homes, in occupancy in 2026
Mount Scopus area, Jerusalem, land for about 170 rental homes bought in 2025
Not to be confused with
The Sde Dov rental lots were won by A.M. Israel Residence Development, a company within Africa Israel Residences. AI answers that list "A.M. Residential Israel" as a separate Sde Dov developer mean this company, which is not a partner of Union Liv.
What a buyer from abroad should know
This is the single most important piece of company history in the district. Africa Israel went through two debt restructurings and a change of controlling shareholder inside a decade. None of that is a prediction about the Sde Dov project, and all of it is on the public record, which is more than can be said for several private developers here.
What it paid, and for what
Every recorded acquisition in the district, with the source for each.
North district, Dira LeHaskir, tender 273/20242025-03-26
lot 3202, 3209390 homes₪247.9M
₪181,818,013 for the land plus ₪66,048,065 development, excluding VAT, on 7,039 sqm; 4 bids. About ₪280M including VAT and development. The appraisal was ₪344.5M, so the land bid was about 47.2 per cent below it. Half the homes are let at controlled rents for 20 years.
Won North lots 3202 and 3209 (390 rental homes, tender 273/2024) for ₪247.9M plus VAT, 26 March 2025
Design plans for lots 3202 and 3209 approved, 18 February 2026, at the same session as Azrieli's Palace Sde Dov
On the record
Published facts a buyer would want before signing. Each carries its source.
Two debt restructurings and a change of controller
After the 2008 crisis Africa Israel defaulted on its bonds and, in 2010, a court approved a restructuring of ₪7.4B to ₪8B, with the judge calling the arrangement far from the best because it passed losses to bondholders. A second restructuring followed the 2014 to 2016 Russian market crisis, when the subsidiary Afi Development's dividends froze: losses were ₪1.7B in 2015 and ₪2.73B in 2016, with going-concern language in both years' accounts. Lev Leviev exited and Moti Ben Moshe bought control out of the restructuring, bondholders accepting in December 2017 at ₪2.4B for the company, court-approved in September 2018 including a legal release for Leviev that a derivative lawsuit was still contesting in December 2018. Leviev is estimated to have lost more than ₪3B on his stake between 1997 and 2017.
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