Harel Insurance Investments Ltd. (TASE: HARL) and Gamla Millennium Investments Ltd. are setting up a $100 million venture to invest in residential real estate projects. The venture will be called Gamla-Harel Residential Real Estate. It will provide loans or guarantees to complete equity for residential real estate projects, and will enter into partnerships to buy or build such projects.
Harel Insurance chairman Yair Hamburger said, “Harel believes that its financial know-how and wherewithal combined with Gamla Millennium’s professional experience in real estate will cause developers to ask Gamla-Harel to invest in their residential real estate projects.”
