Jared Kushner's family firm Kushner Companies has filed to raise $100 million in bonds on the Tel Aviv Stock Exchange (TASE), "The Wall Street Journal" reports. Kushner Companies has confirmed the plans, which could reportedly take place in the first quarter of 2021. "Kushner is considering the option of issuing bonds on the Tel Aviv Stock Exchange," a company spokesman told the "Wall Street Journal" "The company has had years of success working with Israeli institutions as both a borrower and a partner."
"The Wall Street Journal" notes that, "Israel’s bond market has become a growing source of capital for US real estate companies, including Extell Development, Silverstein Properties Inc. and Starwood Capital Group."
Kushner Companies is active in the real estate market in New York, New Jersey, Virginia and Ohio. Jared Kushner, who is married to President Trump's daughter Ivanka has served as the US administration's special aide and envoy to the Middle East over the past four years. Although he resigned from the company when assuming public office he retains a financial stake in the company and "The Wall Street Journal" questions whether there is a conflict of interest in the Kushner Companies plans.
"The Wall Street Journal" reports that Kushner Companies has previously raised capital in Israel including loans from Bank Leumi (TASE: LUMI) and Bank Hapoalim (TASE: POLI), as well as equity investments from Psagot Investment House and Harel Insurance Investments and Financial Services Ltd. (TASE: HARL).
The "Wall Street Journal" also notes that earlier this month President Trump pardoned Jared Kushner's father Charles Kushner, who is serving a two year prison sentence for tax evasion and witness tampering.
Published by Globes, Israel business news - en.globes.co.il - on December 30, 2020
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