Real estate funds continue to raise money despite the downturn in the industry. The Timora Fund has completed raising NIS 500 million for its first fund, which will focus on the purchase, improvement and management of office, industrial and logistic assets in Israel. This is an equity fund (private investment fund), which plans to take advantage of this amount to build a portfolio of assets worth NIS 1.5 billion. The investment period will be four years, and since the fund has been operating for a year, there are still three years left.
Timora has already started, in practice, buying real estate over the past year. Last July, it bought an administrative building in Raanana, for a sum of 110 million shekels, and in May, as first reported by “Globes,” it bought two properties in the Lod industrial area, for a total of 131.5 million shekels.
Timora completed its first fund raising within one year with the participation of institutional investors such as Clal Insurance, Mizrahi Tefahot Bank and Amitim Pension Fund. “It is working at this stage to identify other deals and is in various stages of negotiation,” the fund said.
Temora is led by co-CEOs and founders Dodi Negmi and Guy Shaya. Oded Shamir is the chairman of the fund and the chairman of the investment committee is Roy Yakir. case. Yonatan Altman who was also one of the founders of Fun serves as a member of the Investments Committee.
Timora CEOs Dodi Najmi and Guy Shaya said, after completing the fundraising, “We thank our investors for their vote of confidence and believe that with our excellent team that we have built and the great experience of the fund management company’s board of directors, we can bring interesting good news to the real estate market in Israel in The future and of course good returns for investors.”
Real estate funds appear to be capitalizing on the success of fundraising to turn the market slowdown in their favour. For example, the Reality Group is close to completing a NIS 2 billion fundraising for its fifth real estate fund, defining this as a move that will allow it to “take advantage of opportunities in the market and act quickly to improve assets.”
Published by Globes, Israel business news – en.globes.co.il – on June 29, 2023.
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