Representation of Bank Hapoalim in a Transaction with Taubenblatt Holdings

Our firm represented Bank Hapoalim in a transaction with Taubenblatt Holdings, owned by Sam Taubenblatt, a Germany resident, to finance the construction of a hotel and luxury apartments on the Tel Aviv waterfront. As part of the transaction, the company will be provided with credit facilities and guarantees in an aggregate amount of approximately NIS 646 million. The project will be managed by the Yitzhaki Group, which also provided undertakings and guarantees to secure it. As part of the transaction, a three-party agreement was also entered into by Bank Hapoalim, the borrowing company and the Yitzhaki Group, governing the unique framework of undertakings among the parties.