DevelopersDan Real Estate

Dan Real Estate

דן נדל"ן

Dan Real Estate, split from the Dan bus group at the end of 2024, holds two Sde Dov lots. With Electra Residence, through its subsidiary Nahor, it is building SEVEN SEAS on Central lot 2208, 437 homes bought for ₪748.4M plus ₪59.3M development in February 2025, with a design plan approved on 20 May 2026 and 73 homes sold by March 2026. On its own it won the owners' tender for private Eshkol lot 104 in March 2025, 260 homes of which it keeps 117, designed by Miloslavsky Architects and not yet named or marketed. In August 2026 it signed a non-binding memorandum to merge into the listed Dunitz Elad.

The company

Legal name: דן אקוויטי נדל"ן בע"מ
Founded: Split out of the Dan public-transport group into a new sister company, Dan Equity Real Estate, in a court-approved restructuring completed on 31 December 2024. The Dan group had run a real-estate subsidiary since the 2010s.
Founders: The Dan bus cooperative. Dan Real Estate had no permanent chief executive in May 2026; Yair Efrati of Value Base served as interim chief executive (Calcalist).
Head office: Israel
Listed: Private company, no exchange listing
Ownership: Private. Value Base and LBH Infrastructure bought 40 per cent of Dan from its members in 2019 at a ₪1.26B valuation and raised it to 50 per cent a year later (Calcalist, 6 May 2026). Before the Dunitz Elad memorandum, Value Base LBH held 48.4 per cent of Dan Real Estate and about 1,200 other shareholders held the rest (Nadlan Center, 27 August 2026).
Scale: The real-estate activity was valued at about ₪1.5B when it was separated and estimated at about ₪2B to ₪2.5B in 2026 (Calcalist, 6 May 2026). It owns the Sorek A desalination plant, bought for ₪535M in 2018, Life Tower in Bnei Brak and the Dan garage near Ramat HaHayal, and promotes more than 1,500 homes in north Tel Aviv plus about 700 in urban renewal (company, March 2025).
Elsewhere: Shikun Dan, north Tel Aviv: a plan for 750 homes in 9-storey buildings on 38 dunams, approved by the local committee (Calcalist, May 2026)
Arlozorov 17 luxury tower, Tel Aviv (Calcalist, May 2026)
Life Tower, Bnei Brak, and the Dan garage near Ramat HaHayal, Tel Aviv (Calcalist, May 2026)
Sorek A desalination plant, bought in 2018 for ₪535M (Calcalist, May 2026)
35 urban-renewal projects of 13,000 to 16,000 homes in Tel Aviv, Givatayim, Ramat Gan, Herzliya, Lod and elsewhere (Calcalist, May 2026)
Not to be confused with: Trades as Dan Real Estate (דן נדל"ן); the legal entity is Dan Equity Real Estate. Not connected to Dan Hotels, which is a separate company. Nahor is its subsidiary on the SEVEN SEAS lot.

What a buyer from abroad should know

This developer is in the middle of becoming a public company, and the route changed in 2026 from a standalone offering to a reverse merger. There is essentially no English coverage of it.

What it paid, and for what

Every recorded acquisition in the district, with the source for each.

Eshkol lot 104, owners' tender (private land)2025-03-16
lot 104260 homesnot published
A combination deal: about ₪100M in cash, about 20 per cent of the lot's value, plus 55 per cent of the 260 homes to the owners, so Dan keeps 117. Reported at about ₪600M (Calcalist) and about ₪500M (Nadlan Center). Two buildings of 16 and 9 storeys plus 300 sqm retail, designed by Miloslavsky Architects. The sellers are four groups of private rights-holders and a family company.
Central district, tender 277/2024, with Electra Residence2025-02-19
lot 2208437 homes₪807M
About ₪807M. Cleared roughly 27.8 per cent below the Land Authority appraisal. Design plan approved 20 May 2026.
- Nadlan Center: results of the Sde Dov Central tenders, about 4,000 homes2025-02-19
- News1: the big winners of the Sde Dov Central tender (prices excluding development)2025-02-19

Timeline

Won Central lot 2208 with Electra Residence, through its subsidiary Nahor, for ₪748.4M plus ₪59.3M development, 19 February 2025
Won the owners' tender for private Eshkol lot 104 (260 homes plus 300 sqm retail): about ₪100M cash and 55 per cent of the homes to the owners, 16 March 2025
SEVEN SEAS quiet sales from December 2025; 73 homes sold by March 2026
Lot 2208 design plan approved (437 homes, 45-storey tower), 20 May 2026
Signed a non-binding memorandum for a reverse triangular merger into Dunitz Elad, 27 August 2026

On the record

Published facts a buyer would want before signing. Each carries its source.

Going public by reverse merger, not by flotation

In November 2025 the company began preparing a standalone offering targeting ₪1.5B to ₪1.8B. On 27 August 2026 it instead signed a non-binding memorandum for a reverse triangular merger into Dunitz Elad, a listed company with no controlling core whose pre-deal shareholders include Menora at about 16.1 per cent, Phoenix at about 11.9 per cent, Gideon Tadmor at about 5 per cent and its chief executive Ronen Yafo at about 4 per cent. Dan's owners would receive about 33 per cent of Dunitz Elad, Value Base LBH about 16 per cent of it, plus options worth ₪30M and ₪30M to ₪50M of further cash tied to future receipts. Dunitz Elad was worth about ₪2B on the eve of the deal.

Who else bid for the private-land plot

The deal for Eshkol lot 104 closed on 16 March 2025. Dan beat Chen and Itai Gindi, Electra, Azorim, Zemach Hammerman, Yossi Avrahami, and Ram-Mugrabi-Arditi. The rights-holders receive ₪100M in cash plus 55 per cent of the units across two payment tracks. A combination deal of this shape pays the landowner in finished apartments rather than only in cash, which is why the unit split matters more than the headline price.

Calcalist2025-03-16

Where sources disagree

Published figures that do not match. Both readings are given rather than one being chosen.

What is the lot 104 deal worth?

About ₪600M
- Calcalist2025-03-16
About half a billion shekels, with the ₪100M cash about 20 per cent of the lot's price
- Nadlan Center: Dan Real Estate wins the owners' tender, 260 homes2025-03-16

Most of the price is paid in finished apartments rather than cash, so any single figure depends on how the owners' 55 per cent is valued. The cash component, about ₪100M, is the one both reports agree on.

Projects

Representation, after: Electra Residence and Dan Real EstateLot 2208

SEVEN SEAS

Electra Residence and Dan Real Estate (Nahor) · Dan Real Estate · Central · 437 homes

Selling now

In the news

20 May 2026Ynet
437 homes and a 45-storey tower: SEVEN SEAS design plan approved for lot 2208
Ynet: the Tel Aviv-Jaffa local committee approved the design plan for SEVEN SEAS by Electra Residence and Dan Real Estate on Central lot 2208: 437 homes in towers of 45 and 20 storeys, with about 3,500 sqm of employment space and 2,200 sqm of commerce.
19 Feb 2025Ynet
~NIS 6B: the Sde Dov billion-shekel tenders were cut almost in half
Central-district winners are named for 4,191 units and about ₪6B: land about 40% cheaper than the 2021 record. Gindi, Hagag, Electra + Dan, Luzon Ronson, Israel Brothers, and A.A.I. Abu + Tomer Koko are on the list.

Sources

Everything on this page traces to one of these.

Ask about Dan Real Estate's projects

We answer by email, independently, with sourced facts from the field.