Electra Real Estate continues to develop its operations in the US market. The company today updates on the first closure of the REIT Fund in the US hotels established last year, after Reit reached its initial fundraising target set at $ 500 million. Following this, the company updates that it is currently in an advanced process with a number of entities for additional investment in the hotel chain, totaling approximately $ 200 million, and continues to work to attract additional investors.
Among others, Migdal, the Phoenix Group, Clal Insurance and Finance, Moore Provident Funds, Meitav Dash, Hellman Aldubi, Leumi Partners and Poalim Equity invested in the company.
In the past year, Harritt has purchased three hotels in the United States, in Miami, New York and Virginia, with an investment of about $ 106 million. The value of the properties purchased is about $ 202 million. Harit also signed a binding agreement to purchase a home. Another hotel.
The company notes that the acquisitions are made with Electra Real Estate’s American partner, AKA, which has experience in maintaining and managing hotels in the United States. The company’s hotel operations are incorporated through an American Reit Partnership, managed by it and the local partner, which aims to make a significant mass acquisition of hotels, improve portfolio assets, and subsequently promote a move of Harit’s IPOs.
In December 2021, Electra Real Estate announced the establishment of a fourth fund to invest in housing groups in the United States with a $ 1 billion fundraising target. Raised $ 500 million when the fund was launched. In addition, Electra Real Estate announced that it intends to establish a second debt fund to finance housing collections in the United States with a fundraising target of about $ 500 million. June 2021 Fundraising totaling approximately $ 285 million.
Electra Real Estate of the Elco Group currently manages approximately 30,000 housing units in 95 housing groups in the United States, in addition to 43 transactions for granting loans for the purchase of housing files through the debt fund. In addition, the company owns 1,785 detached houses and three hotels in the United States.
Amir Yaniv, CEO of Electra Real Estate, noted that the impact of the Corona epidemic on the hotel industry in the world in general and in the US in particular, creates exceptional investment opportunities. We are working with our partner in the US to realize the great business potential inherent in this market for the purpose of creating value for our investors. We intend to work to expand the portfolio in the short term, with the long term goal of flooding value through public offering In developing and improving the activity of our other investment funds. “