Zohar Levy following Moti Zisser to London in giant offering
Summit Real Estate Holdings wants to tap investors for 300 million euros
Yet another Israeli real estate company is aiming its cap at a giant offering in London. The latest is Summit Real Estate Holdings, controlled by Zohar Levy, which means to raise an astronomical €300 million for investment in Germany.
A subsidiary will be buying Summit's assets in Germany for €500 million euros.
The transaction with the subsidiary is based on appraisals of the properties.
Summit projects that its initial public offering can be completed within a matter of months, after which it will formally sell the properties to the subsidiary, which will then be floated.
In its business plan Summit is following in the footsteps of Moti Zisser's company Elbit Medical Imaging and Engel East Europe, which floated subsidiaries in London.
Nanette Real Estate Group and Yitzhak Tshuva's company Delek Belron is also planning an offering in the English capital.