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Is a Brocton Everlast company operating in the British market. Last November, Aloni Hetz announced Menora’s intention, through various corporations under its control, to enter as an investment partner in BE at a rate of at least 10% and up to 20%, based on a company value of £ 700 million before cash.
The company is now announcing the completion of the transaction. Menora will invest a total of £ 112 million for 13.6% of BE. The current price, therefore, is slightly higher and reflects a market value of around £ 710 million. In addition, Menora receives an option to invest an additional £ 75 million and increase its holding to 20%, until May 23, 2023. Under the agreement, Menora received the right to appoint an observer on its behalf to the BE Board of Directors.
At the time of the completion of the transaction, all the shareholders in BE invested, according to their relative share, another total of £ 20 million in the company. Following the transaction, Aloni Hetz’s share in BE stands at 82.7%. As of the end of the third quarter of 2021, BE £ 516 million.
BE was established as a company in 2018. The company has a portfolio of properties based on properties in central London, Cambridge and Oxford. Most of the assets are intended for development. The properties in London are intended for offices, those in Cambridge and Oxford are intended for development for the benefit of the high-tech field and especially for companies in the field of life sciences.
Natan Hetz, CEO of Aloni Hetz: “We are pleased that Menora Mivtachim, one of the leading institutional bodies in Israel, is becoming a partner in Aloni Hetz’s operations in the United Kingdom. The connection with Menora Mivtachim strengthens BE’s equity and integrates well with BE’s growth plans in the medium and long term. ”
Nir Moroz, Deputy CEO of Menora Mivtachim and Chief Investment Officer: “We are pleased to complete the investment of the Menora Mivtachim Group in BE, which is controlled by Aloni Hetz. “We are proud to partner with a management team that demonstrates past experience and success in property development and improvement and sees great potential both in the existing asset portfolio, a significant part of which is located in Cambridge and Oxford, an area in high demand by the life sciences and pharma industry.”
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