Another urban renewal company will start trading on the stock exchange in the coming days. Beit VeGag completed its offering this morning (Monday) while raising NIS 78 million. The company will start trading at a value of NIS 430 million, after the money.
House and roof Works in the real estate industry in Israel, in the field of initiation, improvement, construction and construction of residential construction projects in Israel and marketing and sale of housing units in these projects to the general public, mainly in urban renewal projects, including through TMA 38 by demolition and reconstruction. “Construction Evacuation” and Combination Transactions. It started as a real estate investment fund and last November merged into a private company, transferring the rights and holdings in the fund to the company’s owners.
Phoenix currently holds 46% of the House and Roof shares, and after the IPO it is expected to hold 42% of the shares. Significant shareholders alongside the insurance company are Poalim Equity, Bank Hapoalim’s real investment arm, which will hold 7% after the IPO, Mivtachim, which manages the old pension funds in the agreement with the state, which will hold 8%, the Home and Roof investment fund with 8.8% and private investors. Globes publisher Alona Bar-On, who established the investment fund in 2010.
*** Full disclosure: Alona Bar-On, publisher of the Globes newspaper, is a director of Beit VeGag