US real estate investor Morris Willner builds 14% stake in ILDC
Willner has been buying ILDC shares at NIS 40 each and is considering further purchases, while discussions with Ofer Nimrodi have included the possibility of joint control.
American Jewish businessman Morris Willner is significantly increasing his stake in The Israel Land Development Company (ILDC), purchasing 7% of the company's shares, including from Menora Mivtachim, and bringing his total holding to 14.13%.
Willner is buying the shares at NIS 40 ($13.33) apiece, the current market price. Menora Mivtachim has sold part of its holding but remains a shareholder with a 6.24% stake.
Willner, who also owns 5.7% of real estate company Gav-Yam, a holding worth about NIS 500 million ($166.7 million), intends to continue increasing his stake in ILDC. He told Calcalist that he is particularly impressed by the company's Seven Stars Mall in Herzliya, as well as its other assets.
Calcalist has learned that Willner, who currently lives in Jerusalem and divides his time between Israel and New York, has met several times with ILDC controlling shareholder Ofer Nimrodi. During those meetings, the possibility of Willner acquiring control of ILDC from Nimrodi, or entering into joint control, was discussed.
The options considered included Willner purchasing part of Nimrodi's stake or continuing to accumulate shares on the market. According to sources familiar with the discussions, Nimrodi is not interested in selling control of ILDC but did not rule out the possibility of joint control. There are currently no negotiations between the two sides on the matter, the sources said.
ILDC, which is controlled by Nimrodi, owns and develops income-producing properties in Israel and Poland and is also active in urban renewal through its subsidiary, ILDC Renewal. The company currently has a market capitalization of approximately NIS 1.6 billion ($533.3 million). Its shares have gained about 15.6% over the past year but have remained largely unchanged since the beginning of 2026.
Willner's main business interests are in the United States, where he built a large-scale commercial real estate and multifamily housing operation. He previously lived in Florida and also owns a 10% stake in Arko Corp., the gas station company controlled by Arie Kotler. Willner previously served as chairman of Arko subsidiary GPM.
Willner told Calcalist over the weekend that he does not rule out seeking a seat on ILDC's board, although he emphasized that his investment is financial.
"I love real estate and want to deepen my grip on real estate in Israel," he said.
Willner also said he owns shares in Nathan Hetz's Amot Investments but has no interest in acquiring control of the company.
Willner has already spent NIS 118 million
In July, Calcalist reported that Willner was behind two large ILDC share purchases totaling approximately NIS 118 million ($39.3 million).
In the first transaction, conducted in early July, Willner purchased approximately NIS 73 million (24.3millin worthofsharesfromPhoenix.Twoweekslater,heboughtanotherNIS45million(15 million) worth of shares.
In both transactions, Willner paid NIS 40 ($13.33) per share, bringing his stake in ILDC to 7% at the time.
Nimrodi currently holds approximately 52% of ILDC. Even if he were to sell 7% of his stake to Willner, he would retain a controlling position in the company.
ILDC has been a relatively quiet real estate company in recent years, with few major transactions. But its urban renewal subsidiary, ILDC Renewal, experienced a dramatic episode earlier this month.
Within several days, ILDC Renewal's share price plunged 41%, wiping approximately NIS 330 million ($110 million) off its market value. The decline came as an institutional investor, according to More mutual funds, aggressively sold shares.
The stock subsequently recovered part of its losses after the Municipal Council, which holds 73% of the urban renewal company, purchased approximately NIS 9 million ($3 million) worth of its shares.
The developments at ILDC come as Willner continues to build his position in the company and explores how far that investment could ultimately take him. For now, the discussions with Nimrodi have not developed into formal negotiations over control, but Willner's rapidly growing stake gives him an increasingly significant position in one of Israel's more established real estate groups.
