Real estate group ECI, owned by the Greenberg family, could officially be arriving at the Tel Aviv Stock Exchange after the firm published a prospectus for issuing an initial series of bonds in a bid to raise NIS 400-500 million.
The American Jewish family from Atlanta founded ECI more than 45 years ago as a construction company. Over the years it changes its focus to development and rental management in the Southeast.
The company is currently managed by Seth Greenberg, who is currently in Israel to meet with institutional investors.
ECI owns some 7,800 rental units centered in some 30 collections. The company boasts a relatively high occupancy rate of 94% for the last three years, and its rental assets are expected to generate a net profit of $40 million.
The company has $198 million in capital and an asset balance of $550 million.
Like other American real estate developers which have listed foreign firms in Israel, ECI has also set up a company in the British Virgin Islands to issue its Israeli bonds.
However, in contrast to the other firms, Greenberg has decided to transfer all of the family's real estate operations to the new company -- and not merely a partial transfer of assets, as done by previous firms.
Published by Globes [online], Israel business news - www.globes-online.com - on October 26, 2015
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