The institutional phase closed at a close interest rate of 0.94% with a maturity of about 5.9 years, significantly lower than the maximum interest rate of 1.95% offered at the center.
Avishai Avraham, CEO of Zim Shopping Centers: “We thank the investing public for the high response to the issue and see this as an expression of trust in the company’s management and business activities.
Rani Zim, credit: Meir Edri
Rani Zim Shopping Centers Is in a tremendous momentum of activity. Last week, we reported on a memorandum of understanding for the introduction of strategic partners (50%) for our project in Kfar Saba as part of its promotion and development, and upon completion of the transaction, a profit of approximately NIS 31 million will be recorded. At the same time, we are continuing an accelerated expansion of the company’s activities and are on the eve of the opening of the neighborhood center in Ganei Tikva and the commercial center in Tira. We will continue to work for the development and expansion of the company’s asset portfolio while promoting asset improvement plans, continuing the growth process in the core areas and strengthening the Zim and SEVEN brands. ”
Rani Zim Shopping Centers successfully completed the institutional phase of the issuance of Series C (new bond series). As part of the institutional phase, the company won high demand in the amount of NIS 535 million, of which it chose to raise NIS 345 million. Subject to the approval of the rating company.
In light of the high demand, the institutional phase closed at a close interest rate of 0.94%, significantly lower than the maximum interest rate of 1.95% offered at the center.
As part of the offering, the company offered investors CPI-linked bonds, with a maturity of approximately 5.9 years. The bonds are due to be repaid between 2022 and 2029 with half-yearly interest payments in January and July. ‘.
The IPO was led by the Valio Base company, and alongside it a consortium of underwriters that includes Rosario Underwriting Var. Non-underwriting.
Rani Zim Shopping Centers operates in the field of establishing and managing commercial centers, purchasing, initiating and improving land in Israel. The group operates out of a belief in the periphery and an understanding of the changing culture of consumption and the need for a shopping experience. The group has 7 active shopping centers, in Arad, Netivot, Beit She’an, Maalot, Nof Hagalil, Umm al-Fahm and Yarka, and has completed the construction of 2 more shopping centers in Ganei Tikva and Tira, which are almost fully marketed, and are due to open to the public in January 2022. – Yes, the company promotes the Kfar Saba project and commercial projects in the Arab company, in its communities the company establishes and plans 5 more projects: Tamra, Taibeh, Umm al-Fahm (Phase 2) and Rahat, and also began development of residential development that at this stage includes a project in Paradise. Rani Zim, who serves as chairman of the board, is a veteran entrepreneur in the Israeli market, and among other things, he established the “almost free” food chain, which was sold in 2012 at a value of about NIS 350 million.
.