TAMA 38 How do you say in French? It seems that the company Teidan (Tidan), real estate and hotel industry conglomerate in Montreal, no matter what you call it, as long as it produces penthouses in Tel Aviv.
The company, along with some investors from Canada and the U.S., has invested a sum that still does not look like him in the field - 200 million U.S. dollars (750 million) - Israeli real estate Krieger, which specializes in strengthening buildings against earthquakes in Plan No. 38, particularly mass Dan.
These projects, the contractor building the roof of the building one floor or several floors, selling the new apartments on the open market. In most cases, residents receive in exchange for strengthening and renovation, installing an elevator and adding a safe room balcony for each apartment.
After several years of field refused to take off - the contractors claimed that it lies not economically feasible in most parts of the country - TAMA 38 first expresses confidence in a foreign company. In question with Tidan Hospitality & Real Estate Group, a Canadian real estate company active in North America. The company holds about 3 million square meters for commercial and industrial, and has more than 1,000 employees. The company owns shopping malls, about 2,000 residential units including luxury apartments, and hotels where a total of 1,800 rooms.
Every Jew's desire
For Kruger, the current round of capital raising comes two years after the company raised $ 100 million from a group of private businessmen, including the Israeli entrepreneur Eyal Mesika, which operates mainly abroad.
"Not only foreign investors who believe NOP 38, are even a little jealous - are suddenly so many new penthouses in Tel Aviv, said today (Wednesday) Globes Krieger CEO Real Estate, Gal Hershkovitz." Every Jew would like penthouse in Jerusalem or Tel Aviv. "
According to Hershkowitz, "Israeli banks do not provide funding NOP 38 projects - because they have no property mortgage, so everything needs to equity investors." Krieger actually operates as a REIT fund (REIT). "We return the investor's return on investment plus 10 % per year. We like a REIT fund, just not recruited Sea bonds. But I do not rule out offering the stock market a few years, depending on how the market will advance. "
Kruger Real Estate plans to complete about 150 to 200 projects in the next five years; Hershkovitz estimates that 1,500 households and approximately -800 Aahuzko Weshupcv new housing units will be added in Gush Dan. So far, the company obtained the necessary signatures (minimum of 66%) for 40 projects; one project is under active construction. Prices of new homes in projects ranging between $ 6,000 to $ 7,000 per square foot.
