(JTA) — Expat Israeli businessman Idan Ofer has donated $40 million to the London Business School.

The donation announced Monday from The Batia and Idan Ofer Family Foundation is the school’s largest ever single donation. It is part of the school’s first-ever comprehensive fundraising campaign with a goal to raise $160 million over the next five years.

The school’s campaign will fund the transformation of Old Marylebone Town Hall in London into a new educational facility, attract world class faculty, double its scholarships offering, invest in the latest technology, and develop an unrestricted fund in support of the school’s strategic priorities.

The facility will be named “The Sammy Ofer Centre” in honor of Idan’s late father, a shipping magnate and philanthropist.

Idan Ofer is an alumnus of the school, who recently relocated from Israel to London.

“It is a privilege to participate in helping the next generation of Israeli business leaders acquire the knowledge, experience, and ties at prestigious institutions like the London Business School. The world is changing rapidly. Countries must adapt to these changes to avoid being left behind. Hence the great importance of participation by young Israelis in the world of global economics in all its dimensions, now,” he told the Israeli business daily Globes.