Norstar Reopens G City Investor Search After NIS 661 Million Deal Ends

Norstar reopened its search for a strategic G City investor after it and Ari Real Estate mutually canceled their agreement for Ari to buy a 26% stake for NIS 661 million. Norstar said the NIS 20 million deposit will return to Ari and hired Discount Capital Underwriting to seek proposals, while ruling out a stock-market sale. In a 9:30 investor call, Chaim Katzman said Ari's added partner and altered arrangements departed from the deal Norstar approved; Tzahi Abu said Katzman feared Ari's path to control. Katzman said two additional interested parties had already approached him.