Aspen Group
Aspen Group is a publicly traded Israeli real estate company operating 32 income-producing commercial properties across Israel and the Netherlands leased to anchor tenants including ABN Amro, Rabobank, and PepsiCo, while expanding into residential development and urban renewal projects throughout Israel.
- Company typePublic
- Founded1978
- HeadquartersRamat Aviv, Israel
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What Aspen Group does
Aspen Group is a publicly traded Israeli real estate company (TLV: ASGR) with more than 30 years of operating history, headquartered in Herzliya with a European regional office in Amsterdam. The company operates a dual-segment platform consisting of (i) 32 income-producing commercial properties spanning office, retail, industrial, and logistics assets across Israel and the Netherlands, totaling more than 100,000 square meters, and (ii) a residential development business with thousands of units in planning and construction across Israel from Nahariya to Eilat, including urban renewal initiatives executed through subsidiaries Reik and Landmark. Anchor tenants include multinational corporates such as ABN Amro, Rabobank, KBC Bank, PepsiCo, 3M, Atradius, Fokker Services, Clalit Health Services, and Cellcom, generating recurring rental income from long-duration leases.
Following the 2024 entry of Australia-Israel Group as a 29.01% shareholder, Aspen reformulated its corporate strategy to add residential development as a growth engine alongside its income-producing portfolio. Capital structure is supported by a balance sheet of approximately 30.09 billion NIS as of September 30, 2025, with institutional investors (Clal Holdings 9.65%, Menora Mivtachim 8.83%, Ayalon 6.59%) and controlling shareholder Rony Zarom (19.55%) as the principal holders. Revenue is generated through two mechanics: recurring rental income from the commercial portfolio (classified as subscription/recurring revenue) and one-time residential unit sales plus urban renewal project participation (one-time/transactional revenue), with asset appreciation providing longer-term value creation.
The business also includes a hospitality sub-brand, Pi Siam Hospitality, operating hotel assets in Israel, and pursues joint ventures such as the Ashdod Logistics Center with Clal and Ewave. GTM is sales-led: direct B2B negotiations for commercial leases with corporate tenants and direct sales to end buyers for residential projects, supplemented by TASE investor relations. The company is undergoing an active leadership refresh in 2024-2025 with new CEO Shlomi Akrish, Deputy CEO Einat Peled Shapira, Deputy CEO/CFO Moiz Marciano, and Legal Consultant Ayelet Berkovich. No proprietary technology products or AI/ML capabilities are disclosed.
Aspen Group firmographics
Firmographics- Name
- Aspen Group
- Legal name
- אספן גרופ בע"מ
- Website
- https://aspen.co.il
- Company type
- Public
- Founded year
- 1978
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Aspen Group is a publicly traded Israeli real estate company operating 32 income-producing commercial properties across Israel and the Netherlands leased to anchor tenants including ABN Amro, Rabobank, and PepsiCo, while expanding into residential development and urban renewal projects throughout Israel.
- Ownership category
- akta.pro rank
Aspen Group industry classification
Industry- Product category
- Real Estate
- NAICS
- Real Estate Property Managers (53131), Lessors of Other Real Estate Property (531190)
- SIC
- Operators Of Nonresidential Buildings (6512), Land Subdividers & Developers (No Cemeteries) (6552)
- akta.pro primary industry
- Real Estate Development Asset Management (Project/Construction-to-Stabilization) (BPAJAMAL)
Keywords
Where Aspen Group is headquartered
LocationHeadquarters
- HQ city
- Ramat Aviv
- HQ country
- Israel
- HQ region
- Middle East
Offices2 records
Markets served
Aspen Group business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure, Others
Revenue model
- Commercial Property Rental: Rental income from income-producing commercial properties including offices, retail malls, industrial/logistics centers, and mixed-use buildings across Israel and the Netherlands.
- Residential Development Sales: Revenue from residential development projects including land acquisition, zoning, permitting, construction, and sales of residential units to end buyers. Includes urban renewal projects and traditional development.
- Asset Appreciation: Long-term value creation through property enhancement and appreciation of the real estate portfolio.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels3 records
Aspen Group product offering
Product offeringCore offering
Aspen Group owns, develops, and manages a diversified real estate portfolio consisting of 32 income-producing commercial properties — including office buildings, shopping malls, industrial/logistics centers, and mixed-use assets — leased to corporate tenants across Israel and the Netherlands. The company additionally develops and sells residential units, executing urban renewal and traditional development projects across Israel through subsidiaries Landmark and Raik, and operates hotels under the Pi Siam hospitality brand.
Product overview
Aspen Group operates as a real estate company with a diversified portfolio consisting of two core offerings: (1) Income-Producing Commercial Properties — a portfolio of 32 commercial properties across Israel and the Netherlands including office buildings, shopping malls, industrial facilities, and logistics centers generating stable rental income; and (2) Residential Development Projects — residential development and urban renewal initiatives from Nahariya to Eilat, ranging from land acquisition and construction to urban renewal projects. The company also holds a hospitality sub-brand, Pi Siam (פאי סיאם מלונאות), managing nine hotel properties with active operations and projects under construction.
Differentiator
Problem solved
Functional benefit
Products and services
- Income-Producing Commercial Properties Portfolio of 32 income-producing commercial properties including office buildings, shopping malls, industrial facilities, and logistics centers across Israel and the Netherlands, leased to corporate tenants such as Rabobank, ABN Amro, KBC Bank, PepsiCo, 3M, Atradius, Clalit Health Services, Cellcom, and Fokker Services. Generates stable recurring rental income.
- Residential Development Projects Residential development and urban renewal projects spanning Israel from Nahariya to Eilat, encompassing land acquisition, zoning, permitting, construction, and sales of residential units. Includes classic development projects and urban renewal (evacuation and reconstruction, TAMA 38) initiatives executed through subsidiaries Landmark and Raik.
- Netherlands Properties Portfolio 19 income-producing properties in the Netherlands covering office buildings, educational facilities, and logistics centers, fully leased to tenants such as ABN Amro, Atradius, Rabobank, KPMG, 3M, and PepsiCo. Notable assets include the BREEAM-certified 3M Benelux HQ in Delft.
- Israel Income-Producing Properties Portfolio 13 income-producing properties in Israel including the Yahalom Business Center in Rosh HaAyin, Hutzot Ashkelon Mall, R.H. Electronics industrial facility in Har Yona, and North Star Mall in Ma'alot-Tarshisha. Tenants include Clalit Health Services, Cellcom, and R.H. Electronics.
- Properties Under Development 4 development-stage properties including the Logistics Center Ashdod (the largest automated logistics center in the Middle East, in partnership with Clal and Ewave), Kramim Ashkelon, Science Park Nes Ziona (with Yovalim Group, including offices, commercial space, and student dormitories), and the Sammy Ofer Stadium commercial floor.
- Pi Siam Hospitality (פאי סיאם מלונאות) Hospitality and hotel operations under the Pi Siam brand. Includes two active hotels in Jerusalem, three hotels under construction, and nine hotel properties in total. Engaged in development, planning, enhancement, acquisition, construction, and management of hotel assets.
Companies that use Aspen Group
Customer profileNamed customers10 records
Segments3 records
Ideal customer profiles3 records
Aspen Group technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Aspen Group partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and major.
- Clal (כלל)corePartnership with Clal for the development of the Ashdod Logistics Center - the largest automated logistics center in the Middle East. The company holds 33.33% stake in this partnership.
- EwavecoreStrategic partnership with Ewave for the Ashdod Logistics Center development. Combined with Clal partnership for the largest automated logistics center in the Middle East.
- Yovalim GroupmajorPartnership with Yovalim Group for Science Park Nes Ziona project - high-tech industry project with 50% company ownership. Two buildings for offices, commercial space, and student dormitories.
Scale indicators7 records
Recent moves8 records
Expansion highlights6 records
Aspen Group competitors and assessment
Company assessmentDirect peers
- Amot Investments: Israeli publicly traded real estate company focused on income-producing office, industrial, and logistics properties. Directly comparable to Aspen's Israeli commercial portfolio with similar tenant base of multinational corporates and similar TASE-listed investor base.
- Azrieli Group: One of Israel's largest publicly traded real estate companies with a portfolio of office buildings, shopping malls, and residential development projects. Comparable in scale, asset class mix (commercial + residential), and Israeli-listing structure to Aspen Group.
- Melisron: Israeli publicly traded real estate company owning and operating office buildings, retail centers, and residential assets. Directly comparable to Aspen in business model, TASE listing, and Israeli market exposure.
- Property & Building Corporation (PBC): Israeli real estate company managing income-producing commercial properties and development projects. Similar size, similar commercial-and-development mix, and similar TASE-listed structure make this a direct peer to Aspen Group.
- Eurocommercial Properties: Dutch-listed retail property specialist owning shopping centers in the Netherlands, Italy, France, and Belgium. Comparable to Aspen's Netherlands portfolio in geography, asset class (commercial property leasing), and institutional investor base.
- Gazit Globe: Israeli-headquartered real estate company focused on grocery-anchored retail centers across Europe, North America, and Israel. Comparable to Aspen in Israeli origin, international real estate portfolio focus, and TASE/Nordic dual-listing structure.
- Africa Israel Investments: Israeli real estate and investment company with diversified holdings in commercial, residential, and hospitality properties. Comparable to Aspen's Israeli market exposure, asset class mix, and development pipeline approach.
Regional players
- Vastned: Dutch-listed retail property investor focused on high-street retail in the Netherlands, Belgium, and Spain. Comparable to Aspen's Netherlands commercial portfolio in geography and asset class but focused exclusively on retail.
- Icade: French-listed real estate company owning commercial properties (offices, business parks) and healthcare assets across France. Comparable to Aspen's commercial property leasing model but operates in a different European geography.
Broad incumbents
- Klépierre: One of Europe's largest retail REIT owners, operating shopping centers across continental Europe. Comparable to Aspen in European commercial real estate ownership and institutional investor base but at significantly larger scale and with a pure-retail focus.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks1 record
Key highlights6 records
Customer concentration
Aspen Group social profiles
Digital presenceAspen Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Aspen Group leadership team
Management profileNumber of profiles
Profiles11 records
Aspen Group subsidiaries and ownership
Company hierarchySubsidiaries2 records
Aspen Group funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Aspen Group M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Aspen Group
What does Aspen Group do?
Aspen Group owns, develops, and manages a diversified real estate portfolio consisting of 32 income-producing commercial properties — including office buildings, shopping malls, industrial/logistics centers, and mixed-use assets — leased to corporate tenants across Israel and the Netherlands. The company additionally develops and sells residential units, executing urban renewal and traditional development projects across Israel through subsidiaries Landmark and Raik, and operates hotels under the Pi Siam hospitality brand.
Is Aspen Group a public or private company?
Aspen Group is a public company. It is classified as public and is currently operating.
When was Aspen Group founded?
Aspen Group was founded in 1978. It employs 11 to 50 people.
Where is Aspen Group based?
Aspen Group is headquartered in Ramat Aviv, Israel, in the Middle East region.
How does Aspen Group make money?
Three revenue lines are on record. Commercial Property Rental is the primary driver. The others are residential Development Sales and asset Appreciation.
Who are Aspen Group's main competitors?
Direct peers on record are Amot Investments, Azrieli Group, Melisron, Property & Building Corporation (PBC), Eurocommercial Properties, Gazit Globe and Africa Israel Investments. Regional players are Vastned and Icade. Klépierre is listed as a broad incumbent.
Does Aspen Group have an API?
No public API is recorded for Aspen Group.
What industry is Aspen Group in?
Aspen Group's product category is Real Estate. Its primary akta.pro industry code is BPAJAMAL, Real Estate Development Asset Management (Project/Construction-to-Stabilization). Its NAICS code is 53131 and its SIC code is 6512.