Israeli billionaire Gil Shwed increases stake in his Spanish REIT

Gil Shwed, has increased his stake in Galil Capital RE Spain SOCIMI S.A. to 59.11%. Gil is the 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.

Other board members Jerry Zwi Mandel and Amit Binderman have also increased their share to 1.34% and 1.35% respectively. Jerry is the founder of various real estate investments funds and former director of Investment Banking at Merrill Lynch’s Tel Aviv office and Amit Binderman is 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 of 2018, 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 eight buildings, all of which are residential and located in Madrid and Barcelona, ​​with a valuation of over €40M. The portfolio was valued by Savills in December and is as follows:

PropertyCityRICs Valuation
Calle Unió 28, 08001 Barcelona4.706.000 €
Calle Aulestia i Pijoan 4-6, 08012Barcelona4.943.000 €
Calle Bretón de los Herreros 14, 08012 Barcelona5.186.000 €
Calle Córcega 689, 08026Barcelona3.733.000 €
Calle Granada 12, 28007 Madrid8.512.000 €
Calle Bejar 23, 28028Madrid6.548.000 €
Calle Escorial 9, 08024Barcelona5.049.000 €
Calle Verdi 282, 08024Barcelona1.682.000 €
Total40.359.000 €

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

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