Among the guests joining Chabad of Moscow’s Israeli community for Shabbat services and dinner last Friday night, were a group of Israeli realtors, bankers and lawyers who had come to participate in the city’s first real estate fair.
Representatives from over a dozen top Israeli realty developers, Israel Discount Bank and a leading Israeli law firm participated in last week’s two day fair.
Tel Aviv stocks fell yesterday as real estate stocks retreated. The Real Estate-15 index lost a steep 5.4%, although all the leading indexes finished the day in the red.
The benchmark TA-25 index lost 1.4% to end at 940 points, and the broader TA-100 index lost 1.7% to 872 points. Trading turnover increased to NIS 1.6 billion, after dwindling to a mere billion shekels on Sunday
Delek Real Estate is showing signs of recovery, and Israel Discount Bank has been enlisted to help them survive by extending loans totaling several hundred million shekels.
Discount is thus joining parent company Delek Group and the Phoenix insurance group, both of which belong to Yitzhak Tshuva, in lending Delek Real Estate money to cover its billions of shekels in debts to bondholders, banks and other creditors.
In June Delek Real Estate reached a five-year debt arrangement (covering both new and old loans) with Discount. The bank, headed by CEO Giora Offer, agreed to allow Delek Real Estate to pay only interest during the first two years, and to start paying off the principal in the third year.
