Income-producing Israeli real estate company Canada Global (TASE: CNGL), controlled by Israel Canada (TASE: ISCN) controlling shareholders Assaf Toshmir and Barak Rosen (60%), informed the Tel Aviv Stock Exchange (TASE) this morning that it has purchased an office complex in Miami for $116. Million dollars. Investors in Canada Global include WeWork founder Adam Neumann and cybersecurity company Wiz co-founder and CEO Assaf Rappaport.
Related articles
Adam Neumann invests in Israeli real estate company Canada Global
The office and real estate project covers 10 acres in the Aventura neighborhood of Miami, Florida, and currently includes three 26,000-square-meter office buildings and three parking lots for 950 vehicles as well as building rights for 500 apartments. The project achieves returns of 7% annually and the office occupancy rate is 90%. Investment bank Morgan Stanley is the anchor tenant.
Canada Global confirmed that a plan to build two 24-storey towers with 500 apartments, 1,600 parking spaces and 4,000 square meters of commercial space on the ground floor has already been approved.
Canada Global expects sales of $500 million from the apartments. The site is located in the heart of Miami at the intersection of Biscayne Boulevard and Northeast 207th Street, an area that includes residential, office and commercial properties as well as a hospital, hotels, cafés, restaurants and mixed-use buildings.
Canada Global, a subsidiary of Canada Israel, focuses on the group’s international operations.
At the end of September, international real estate firm Flow became a partner in Canada Global. Flow, a partnership between Neumann and US venture capital firm Andreessen Horowitz, has been allocated a 30% equity stake in Canada Global. Wiz’s Rappaport owns a 10% stake in the company.
Published by Globes, Israel Business News – en.globes.co.il – on November 19, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.