Yitzhak Tshuva floating Canadian real estate company in Tel Aviv

At a later stage, the new company will be dual-listed for trade under the Elad Canada brand on the Toronto Stock Exchange in Canada.

Elad Group Canada is considered one of the largest and leading real estate companies in Canada, with operations in the provinces of Ontario and Quebec since 1998. The company owns 15 residential rental properties, office buildings, protected housing, commercial space and parks. Four or five of these properties will be transferred to the new company.

Elad Group, Tshuva's private real estate arm in North America and East Asia, finished the third quarter of 2009 with net losses of $18.5 million, an improvement over losses of $44 million in the parallel quarter last year. Most of the losses stemmed from the accounting effects of the devaluation of properties, which have nothing to do with working capital. Third quarter operating profits totaled $24.2 million, compared to operating losses of $24.4 million in the parallel. Elad netted $31.2 in the first nine months of the year, up from $60 million in losses in the parallel period and massive losses of $292 million for all of 2008.