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Africa Israel (TASE: AFIL) today wrapped up a half-billion shekel private placement of bonds with institutional investors.

The real estate giant, controlled by Russian-Israeli businessman Lev Leviev, had intended to raise NIS 200 million but found its offering met by demand running to a billion shekels.

The company raised the money through two series with durations of five and eight years. Interest reportedly set at around 5.2% to 5.3%.

Africa Underwriting, Poalim IBI and Citigroup led the offering.

In late June, Leviev floated a subsidiary, Africa Israel Housing. It raised NIS 500 million in an offering of shares and bonds. Even then, despite the tough times, demand exceeded supply by 130%.