Menora to Invest NIS 200 Million

Hachshar Yishuv reports that the Menora Mivtachim Group has approved participation in an investment transaction with a cumulative volume of approximately NIS 200 million, in 7 predefined residential urban renewal projects.

Menora's investments are expected to constitute 80% of the capital requirement that Hachshar Yishuv Urban Renewal is expected to provide in each of the projects. The projects to be built under the current Menora agreement include 1,440 housing units (including the partners' share, if any, and the apartments that will be allocated to the current owners).

In return, Menora will receive approximately 40% of Hachshar Yishuv Urban Renewal's share in the future profits of each project, with priority and protection mechanisms for Menora and upside mechanisms for Hachshar Yishuv Urban Renewal and Menora.

The agreement is a continuation of the existing agreement signed between the parties in 2022, which includes an investment of approximately NIS 100 million by Menora Mivtachim, in equity to advance 4 residential projects, two of which already have a building permit and marketing of three of them has begun.

Last year, Menora Mivtachim also became an interested party in Hachshar Yishuv Urban Renewal, after investing approximately NIS 30 million in the company's shares. Later, in 2024, Meitav Investment House also became an interested party, after investing a total of approximately NIS 64 million in the company's shares, which currently trades at a value of approximately NIS 640 million.

Ofer Nimrodi, CEO of Hachshar Yishuv and chairman of Hachshar Yishuv Urban Renewal: "We see this as a significant expression of confidence in our urban renewal activities and in the entire group by a leading body in the capital market. Hachshar Yishuv Urban Renewal is at an important turning point, with many projects that we initiated now bearing fruit."

Alex Mariash, General Manager of Hachshar Yishuv Urban Renewal: "In the next two years a major breakthrough is expected for Hachshar Yishuv Urban Renewal, with the launch of several projects that we have been working to advance over the past few years. The company is currently marketing six complexes. In the coming months we expect to begin marketing a number of additional urban renewal complexes."

Gadi Ben Haim, Real Estate Director at Menora Mivtachim: "We continue to deepen our strategic cooperation with the Hachshar Yishuv Group while making smart use of quality investment opportunities in the field of urban renewal."

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