Star, in which Yitzhak Tshuva and Yakir Gabay own equal shares, is active in income-producing residential real estate in the southern US.
Yitzhak Tshuva, who controls Delek Group, and Yakir Gabay are selling privately-held company Star, which they own in equal shares, for $1.85 billion. The deal for the sale of the company to US investors was signed a few days ago, and is expected to close within the next few months.
Star is active in residential income-producing real estate in the southern US. It has a portfolio of some 14,000 housing units. As far as is known, the company has debt amounting to $1.3-1.4 billion, so that once the deal is completed Tshuva and Gabay will be left with cash proceeds of about $250 million each.
Tshuva operates in income-producing real estate in North America chiefly through Elad Group and Elad Canada. He introduced Gabay as a partner in Star three years ago in exchange for an investment of $150 million. Gabay will post a profit of some $100 million from the sale of the company, while Tshuva's profit will be greater.
Published by Globes, Israel business news - en.globes.co.il - on September 10, 2019
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Yitzhak Tshuva Photo: Tamar Matsafi