Tshuva May Share in Canada

A group of Canadian investors is negotiating to buy a stake in Yitzhak Tshuva's private real-estate business. Miki Naftali, chief executive of Tshuva's company Elad Group, told TheMarker that talks are taking place with a Canadian consortium. Sector sources believe that the deal in question involves 15% of Elad Group's activities in Canada, in exchange for $440 million.

"We have often said that we mean to sell assets that we bettered, when we feel we have exhausted the potential upside," Naftali said. Canada specifically is in relatively robust economic shape compared with the rest of the world because of its oil reserves and positive immigration, he added.

In Canadam Elad Group owns some 18,000 residential units, chiefly in Ottowa, Toronto, Montreal and Quebec City. It also owns 455,000 square meters of commercial space.