This is the second Israeli insurance company to invest in an Apollo Real Estate investment fund.
Ayalon Insurance (TASE:AYAL) last week invested $3 million in a fund run by US-European firm Apollo Real Estate Advisors. Levi Yitzhak Rahmani owns Ayalon. Funds for the investment came from participating life insurance policies, and equity (nostro).
Ayalon Insurance is the second Israeli insurance company to invest in one of Apollo Real Estate's investment funds. Israel Phoenix Assurance (TASE:PHOE1;PHOE5) (which merged with Hadar Insurance last year), invested $7.5 million in Apollo's fifth real estate fund; Israel Phoenix invested $5 million, and Hadar invested $2.5 million.
Israel Phoenix and Hadar also invested in a deal whereby Apollo acquired 29 shopping centers in Poland from Germany's Metro group, for $860 million.
Ayalon and the Rahmani family recently decided to enter the real estate sector, and invest shareholders equity, and life insurance premiums.
Ayalon Insurance confirmed the report.
Published by Globes [online] - www.globes.co.il - on Monday, June 21, 2004