A huge deal was signed tonight at 2 p.m. The Cypress Fund and a number of institutional entities, including Altshuler Shaham (Psagot, which he owns, Harel and the Alpha Fund, sold 24% of Brack NV’s shares to the German company LEG.
Read more in Calcalist:
LEG is traded on the Frankfurt Stock Exchange worth 9.5 billion euros and aims to take over Brac later, which owns about 12,000 apartments for rent in Germany. LGE owns about 150,000 apartments and is expanding its portfolio in the deal.
Calcalist has learned that the shares were sold at a price of NIS 485 per share and a total of 270 million euros, ie about NIS 1 billion. This is a premium of about 40% on the stock market price of NIS 352 per share.
LEG is also acquiring 7% of Adler’s shares, which will fall from 70% to 63% of the company’s shares, and has been given an option to purchase the remaining shares of Adler’s shares in the company within a year. In this way, Brack N.V., which was founded by Shimon Weintraub and Ronen Peled, becomes an all-German company in which two German companies hold 94% of its shares.
The recognized institutions were represented by attorneys Ofer Fleischer and Yair Shiloni of the Gornitzky firm and the purchaser, Adv. Sharon Amir Manschitz.
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