Beit VeGag, one of the oldest and leading companies in Israel in the field of urban renewal, which promotes 47 projects in areas of demand in Israel, reports that the company’s shares will begin trading on the Tel Aviv Stock Exchange today.
This week, Beit VeGag raised a gross amount of NIS 78 million, in an IPO carried out in the program of a non-uniform offer, in which institutional entities and hedge funds in the country invested in the company. The issue funds will support the continued implementation of the company’s growth strategy, the realization and increase of the backlog of projects.
The house and roof have an estimated revenue turnover of NIS 278 million in 2021. The company has completed 14 projects totaling 376 units, and is in the process of establishing 7 projects totaling 350 units as well as advanced planning procedures for 4 projects totaling 140 units. In addition, promoting the execution of 22 projects with signed agreements totaling 1,800 housing units and a future accumulation that includes thousands of housing units in earlier stages that provide a stable and long-term business horizon for the company.
Prior to the IPO, the company completed a structural change transaction in which 99.46% of the investors’ rights in the home and roof fund and the rights of the developers in the management company were transferred to the company in exchange for shares, with the company continuing to promote existing partnership projects and future projects.
Following the success of the offering, House and Roof will work to locate investments in urban renewal projects in high demand areas as well as to locate and initiate large and complex projects that will combine a mix of residential, commercial and employment uses.
Among the largest shareholders in Beit VeGag: the Phoenix Group (30.77% fully diluted), Poalim Equity (7.37%) and Mivtachim Veteran Pension Fund (7.25% fully diluted).
House and Roof CEO, Ronen Akavia“Message” We have completed a precedent-setting move in Israel to turn an entrepreneurial fund in the field of real estate into a company and issue it on the stock exchange. We have won the trust of veteran investors in Beit Vag and together with the trust that the market gives in the company and the successful IPO that turned Beit Vag into a public company, we will work to implement and accelerate the growth strategy in the Israeli real estate market. And its ability to continue to lead the pursuit of urban renewal, which is considered one of the growing areas of the real estate market in Israel.
“Upon completion of the IPO and commencement of trading in the share, I would like to thank the investors, employees and managers of the company and our many partners along the way. We are committed to promoting the company and bringing value to its shareholders.”