Yellin Lapidot acquired shares of Lahav LR – Capital Market

Investment House Yellin Lapidot Invested about NIS 25 million in

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L.R. through private allocation. The investment house has become a stakeholder in the company and now owns more than 5.5% of the company’s shares. The purchase was made at a discounted price of about 3.4%, ie NIS 3.67 per share. The discount was given for a blocking period of the shares, according to the rules.

This fundraiser is in addition to the NIS 101 million raised by the company last week, which was made through a private placement and rights issue. As part of the raising, officials and controlling shareholders invested about NIS 82 million. The company’s chairman, Avi Levy, invested NIS 62 million as part of the raising, and the scope of his investment in the company amounts to more than NIS 200 million.

The company’s value is close to NIS 900 million after the completion of the offering. The stock completes an increase of about 6% since the beginning of the year. The company posted a profit of about NIS 29 million in the third quarter, after its profits fell significantly in the second quarter of 2020. The company is mainly engaged in real estate in Germany and green energy.

Against the background of the rights issue, the company announced that it is conducting two negotiations for the purchase of properties in Germany. The first is the acquisition of rights in a portfolio that includes six income-producing real estate properties located throughout Germany for 26.5 million euros. The average rental period of the assets included in the portfolio is 8.3 years. The CAP return on the transaction is expected to be 7.46%. 75% of a real estate property located in Germany, for about 60 million euros. The average rental period of the property is 13.5 years. The CAP return on the transaction is expected to be about 11.8%.

On October 26, 2020, after the conditions precedent were met, a transaction was completed in which Lahav L.R. and Uri Mansour purchased shares at a total rate of 70% of the issued share capital of Delek for NIS 525 million. Lahav L.R., Mansour and the Delek Group intend to act immediately to split Delek Israel into a real estate company and an operating company in accordance with income tax regulations so that the two companies will be sisters and will be held by the same owners.