FinaReal has raised $25 million and is financing projects in Israel (260 apartments), New York, London, Prague and Cyprus.
Metropolis (Anglo-Saxon Tel Aviv), Ecomtrix CPAs Aharon and Shlomo Zohar and Adv. Aminadav Kossowsky-Shachor have set up FinaReal, for non-banking financial coverage of real estate projects. The new company has raised $25 million from local investors and is already financing six projects in Israel and four overseas.
The ownership of FinaReal is as follows:
- Metropolis - 42%; Ecomtrix - 33%; Shalron (owned by CPAs Shlomo and Aharon Zohar) - 12.5%; Amikor, owned by Aminadav Kossowsky-Shachor - 12.5%.
FinaReal, founded three months ago, is already financing six residential construction projects in Israel: 78 apartments in Hod Hasharon, 74 in Eilat, 48 in Netanya, 24 in Rehovot, 24 in Migdal HaEmek and 12 in Tel Aviv. The company provides building contractors with capital or bank guarantees in exchange for a percentage of profits or apartments sales proceeds.
In addition, FinaReal is financing construction by Israeli developers of 30 apartments in New York, 28 apartments in London, 4,000 sq.m. offices in Prague and a 170 holiday-apartment resort in Cyprus.
Shlomo Ventura, former deputy manager of the Discount Bank project financing department in the past few years, was appointed general manager of FinaReal. Anglo-Saxon Tel Aviv will assist in finding customers for the company.
Published by Israel's Business Arena on 2 October, 2000