Azrieli Group Ltd. agreed to acquire Azrieli Group Ltd. from its shareholders for approximately ILS 130 million on April 16, 2023. Azrieli intends to finance the acquisition from its own resources and/or through bank or institutional financing. Subject to the closing of the Transaction, Azrieli intends to act for the planning of exercise of the building rights for the construction of a new hotel with a total cost for the construction of the hotel is estimated at approximately ILS 500-600 million.