| Telenier system
Electra Real Estate (TASE 🙂 continues to develop and deepen its operations in the US market. The company is updating on Tuesday on the first closure of the REIT Foundation in the US hotel established last year, after Reit reached its initial target of 500. million dollar.
Following this, Electra Real Estate updates that it is currently in an advanced process with several entities for additional investment in the Hotel Brit, totaling an additional $ 200 million, and continues to work to attract additional investors. Among the entities: Migdal Insurance, Phoenix Group (TASE 🙂 , Clal Insurance and Finance (TASE :), Moore Provident Funds (TASE :), Meitav Dash (TASE :), Hellman Aldubi, IEC, Leumi Partners and Poalim Equity.
Against the background of the report, the Electra Real Estate share falls by 0.5% with the opening of trading on the Tel Aviv Stock Exchange on Tuesday morning, reflecting the company with a market value of NIS 3.6 billion. Electra Real Estate shares are down 0.8% this morning, and have risen by only 0.6% since the beginning of the year.
In the past year, Harriet has acquired three hotels in the United States, Miami, New York and Virginia, with a total capital investment of approximately $ 106 million, with the value of the acquired assets standing at approximately $ 202 million. Harriet also signed a binding agreement. To purchase another hotel.
Electra Real Estate is working to significantly develop its hotel operations by acquiring properties with great potential for improvement, located in major cities, which are in great demand for business and leisure tourism. The acquisitions are made with Electra Real Estate’s American partner, AKA, which has experience and reputation. Great in holding and managing hotels in the USA.
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. This activity is carried out in a model according to which the local company and partner is in fact Harit’s general partner, and in accordance with this accepted structure, it manages limited partner funds (LPs). This is similar to the investment model in which Electra Real Estate operates through the investment funds and other partnerships under its management: multi-family funds, multi-family debt funds, partnerships that invest in private homes for rent and an office fund in the UK.
In December 2021, Electra Real Estate announced the establishment of a fourth fund to invest in US housing clusters with a $ 1 billion fundraising target. Earlier, the company updated that the third investment fund for housing investment had completed raising $ 980 million in liabilities to the fund, compared to a $ 500 million fundraising target at the time 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 approximately $ 500 million. This is a continuation fund for the first debt fund, which in June 2021 completed a total fundraising of about $ 285 million, compared to the original fundraising target of about $ 200 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 the provision of 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 (pictured above), stated:
“The impact of the Corona epidemic on the hotel industry in the world in general and in the US in particular, produces exceptional investment opportunities. We are working together 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 We continue to develop and improve the activity of our other investment funds. “
The article was originally published on the Talniri website.