Young Investors to Buy Out Aspen Building

Three businessmen have entered into an agreement to buy the controlling interest in real estate company Aspen Building & Construction at a company value of NIS 140 million from companies controlled by Eliezer Fishman.

Rony Zarom, Shmaya Reichman and Ehud Amir are buying 37.1 percent of Aspen, with an option for an additional 3.5 percent, for NIS 52 million.

Zarom, founder and former CEO of Exalink, a high-tech company that was sold for $550 million to Comverse, will invest NIS 31 million in the Aspen deal.

Reichman and Amir, two 28-year-olds who entered the real estate field two years ago, will together invest NIS 21 million. Their investment is backed by relatives of Reichman, who comes from the Reichman family of real estate investors in Canada.

Reichman said the trio believe in the potential of the residential housing market in Israel and that they had decided to invest in a publicly traded company in order to make it easier to raise capital.

He also said the company had raised money on the Tel Aviv stock market but had not yet used the funds, and that in the near future, they would come to the board with a "fruitful" proposal.