The yielding real estate company
Aspen Group
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which operates in the field of yielding real estate in Israel and the Netherlands reports an NOI that increased by 8.5% in the third quarter to NIS 40 million compared to approximately NIS 34 million in the corresponding quarter last year, but this is mainly due to the purchase of assets that helped it offset part of the erosion in the euro currency.
The FFO increased in the third quarter by NIS 6 million to NIS 23 million, compared to approximately NIS 18 million in the corresponding quarter last year. The owner’s share of FFO was NIS 12 million, compared to NIS 8 million in the corresponding quarter last year.
The company recorded revaluation gains of NIS 101.2 million, mainly on land designated as a hotel in the Pai Siam company following the signing of a binding lease and operation agreement with the Isrotel network, compared to NIS 7.7 million in the corresponding quarter last year. The profits of the Harrouch jumped the net profit to 70.5 million shekels (27 million shekels attributed to the shareholders) compared to about 2.5 million shekels (of which about 0.37 million shekels attributed to the shareholders), in the corresponding quarter last year.
The company has cash of NIS 557.8 million. Equity stands at NIS 1.55 billion (NIS 750.4 million attributed to the shareholders), or 30.2% of the consolidated balance sheet.
Tsufit Harel, CEO of Aspen Group: “We recently announced a substantial deal with partners to purchase land for the establishment of an automated logistics center at the entrance to Ashdod Port for NIS 350 million. This transaction deepens Aspen’s activities in the field of real estate and industrial centers, an area which we identify as an important growth engine for the company for the coming years. Aspen is focused on the profitable real estate sector in the Netherlands and on the profitable real estate and hotel sector in Israel.”
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Results from the beginning of the year:
The NOI from the company’s activities in the area of yielding real estate and hotels climbed by approximately 11.2% to NIS 114 million, compared to approximately NIS 102 million in the corresponding period last year. The increase is due to the purchase of properties abroad and in Israel, which generated income for the company during the reporting period against the erosion of the euro exchange rate Decreased NOI growth.
The company’s FFO, according to the management’s approach, increased by approximately NIS 12 million to a total of approximately NIS 64 million in the first nine months of 2022, compared to approximately NIS 53 million in the corresponding period last year. The owner’s share of FFO in the current period amounted to approximately NIS 32 million, compared to approximately NIS 24 million in the corresponding period last year.
Main events during and after the report period
In September 2022, Aspen Group signed an agreement to sell half (50%) of its holdings and winnings in real estate in the city of Ashkelon and a commercial center built on it in exchange for NIS 45 million. The company will recognize the transaction in profit, before tax (as applicable) and related expenses, in the amount of approximately NIS 18 million. In the company’s estimation, after the transaction is completed, it will have a free flow as a result of the transaction, before tax (as applicable) and related expenses, in the amount of approximately NIS 45 million.
In September 2022, Aspen, together with Aviv Manivim and Kelal Insurance and Finance, purchased land for Marlog at the entrance to Ashdod Port for approximately 350 million shekels. The transaction includes the purchase of land in an area of approximately 43 dunams, located at the entrance to Ashdod Port. On the land, the companies will build an automated logistics center with the scope of an investment A total of about NIS 900 million.
In July 2022, the subsidiary Pai Siam, owned by Aspen Group and Shlomo Dehuki, signed with Isrotel a lease, operation and management agreement for a hotel that Pai Siam is expected to build in Amnon Bay, located in the north of the Sea of Galilee, and extending along unique bays that lie on the shore of the Sea of Galilee. The hotel is planned to join the “exclusive” hotel group of the Isrotel chain and include about 195 suites, dining areas, commercial areas, a beach restaurant and a luxurious spa. The lease period will start from the date of delivery of the hotel and for a period of 24 years and 11 months.
In May 2022, a foreign subsidiary, fully owned and controlled by Aspen Group, signed an agreement to purchase an office building in the city of The Hague, in the Netherlands, in the amount of approximately 15.64 million euros (approximately NIS 56.3 million).
In May 2022, the subsidiary Pai Siam, owned by Aspen Group and Shlomo Dahuki, signed a deal to purchase a plot of land in Jerusalem, on which it intends to build another hotel in Jerusalem, near the Jaffa Gate. The consideration for the transaction amounts to approximately NIS 80 million. The lot is intended for the construction of a four to five star city hotel, with 7 floors, which will include up to 200 rooms above 3 parking floors.
In May 2022, a transaction was completed in which Aspen Group purchased a property including a logistics center and an office building from a reality fund for NIS 126 million. The property is located in the industrial area, Kiryat Aryeh, Petah Tikva, has a total area of approximately 15 dunams, and includes rights by virtue of lease agreements and parking usage agreements with third parties, as well as unused construction rights of approximately 35 thousand square meters.
In April 2022, the transaction was completed for the sale of ownership rights in an area of approximately 42 dunams near the Kfar Haim hotel in Hadera. Following the completion of the transaction, the company was left with a free flow as a result of the transaction, before ancillary expenses, in the amount of approximately NIS 59 million, and a profit from the sale was recorded in the amount of approximately NIS 12 million.
In April 2022, a transaction was completed for the sale of a commercial center in Migdal HaEmek for a total of approximately NIS 14.7 million.