Real estate funds continue to raise money despite the slowdown in the industry. 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 logistics assets in Israel. This is an equity fund (private investment fund), which plans leveraging this amount to build a portfolio of assets worth NIS 1.5 billion. The period of investment will be four years and as the fund has already been operating for a year, three years are remaining.
Timora has already begun, in practice, purchasing properties over the past year. Last July, it purchased an office building in Ra’anana, for NIS 110 million, and in May, as first reported by “Globes”, it purchased two properties in the Lod industrial zone, for a total amount of NIS 131.5 million.
Timora completed raising its first fund within one year with the participation of institutional investors like Clal Insurance , Mizrahi Tefahot Bank, and the Amitim pension fund. The fund said, “It is working at this stage to locate other deals and is in various stages of negotiations.”
Timora is led by co-CEOs and cofounders Dudy Najmy and Guy Shaya. Oded Shamir serves as the fund’s chairman and the chairman of the investments committee is Roy Yakir. Adv. Yonatan Altman who was also among the fun’s founders serves as a member of the investments committee.
Timora co-CEOs Dudy Najmy and Guy Shaya said following completion of raising the fund, “We thank our investors for the vote of confidence and believe that with our excellent team that we have built and the major experience of the board of the fund’s management company, we can bring interesting good news to the real estate market in Israel in the future and of course good returns for investors.”
It seems that real estate funds are taking advantage of the success of their fundraising to turn the slowdown in the market to their advantage. Reality Group, for example, is close to completing a NIS 2 billion fundraising for its fifth real estate fund, and defines this as a step that will allow it to “take advantage of opportunities in the market and act quickly to improve the assets.”
Published by Globes, Israel business news – en.globes.co.il – on June 29, 2023.
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