The Lahav AL company, controlled by Avi Levy, announced today (Tuesday) that the Ragnar Fund will invest approximately NIS 25 million in its subsidiary, Delek Properties. The investment will be made according to a company value of approximately NIS 763 million (after money), and reflects a value of approximately 120% of the equity as of the end of the third quarter of 2022. In addition, according to the agreement, Ragnar will have the right to make an additional investment in the company in the amount of NIS 25 million .
In the agreement between the parties, rules and mechanisms related to the relationship between the Ragnar Fund and Lahav AL, such as accepted minority protection rights, mechanisms for adjusting the amount of allocated shares that will be allocated to the Ragnar Fund against the investment amount, and this in various cases stipulated in the memorandum of understanding, as well as rules related to the execution of an issue by Company and date.
Delek Properties is a private company that operates in the purchase, construction, improvement and rental of profitable real estate assets in Israel
and mainly gas stations and commercial complexes. The company was established and incorporated as a private company on April 14, 2021,
After it split from the sister company Delek Israel. As of the end of September 2022, the company’s portfolio of yielding assets included 61 properties (two of which are in advanced acquisition stages) – 56 gas stations, convenience stores and other commercial properties, office property and land, with a total value of approximately NIS 3.1 billion (the company’s share).
In October 2020, Lahav AL and Uri Mansour completed the purchase of 70% of Delek Israel’s share capital for approximately NIS 525 million, while during the first quarter of 2021, Lahav AL increased its stake in the company to approximately 40%. At the beginning of the month, Delek Properties was rated for the first time by Maalot with an A rating with a stable outlook. “The company’s business profile is supported by a stable property portfolio with high occupancy rates and geographical dispersion throughout Israel, most of which are located on major transportation arteries,” wrote the Ma’alots.