The Phoenix Insurance Company was granted a temporary injunction halting the sale of Arena Group’s major assets.
Within the framework of an originating motion in the matter of the Phoenix’s right of first refusal in the Star Center Mall in Ashdod, the Tel Aviv District Court halted a proceeding executed by Arena Group for the sale of Star Center Mall in Ashdod and Arena Mall in Nahariya. The two malls were offered for sale as a whole, with the intention of unlawfully bypassing the Phoenix’s right to first refusal. On Passover eve, the court ruled that at this stage, no communication shall be conducted regarding the transfer of any rights to the land on which the Star Center Mall in Ashdod is located, and that the temporary injunction shall remain in effect until another decision is reached in the case.
The Phoenix Insurance Group was represented by Noam Ronen (Partner) and Daniel Barlev.