Gil Shwed

Spanish REIT, Galil, approves €8.7 million capital increase

Galil Capital RE Spain SOCIMI, S.A. has approved an €8.7M capital increase.

The main shareholder of the REIT, with a 55.34% stake, is Israeli billionaire, Gil Shwed, co-founder and CEO of Check Point Software Technologies Ltd, one of Israel’s largest technology companies and the world’s largest pure-play cybersecurity company.

Another 40.68% is controlled by 26 minority shareholders and 3.98% is owned by Jerry Zwi Mandel, founder of various real estate investments funds and former director of Investment Banking at Merrill Lynch’s Tel Aviv office and Amit Binderman, CEO of Kometa Bio.

The fund invests in residential properties in major cities in Spain, primarily in Barcelona and Madrid having started operations on the 1st of  December 2015. In July, the vehicle acquired a package of residential properties in Barcelona for €3.8 million euros.  Also in summer, the group was granted a €2.5M bank loan as well as an additional €2M loan from the majority shareholder.

The SOCIMI currently has a portfolio of seven buildings, all of which are residential and located in Madrid and Barcelona, ​​with a valuation of over €31M.

Photo by Gilad Kavalerchik, published in The Times of Israel.

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