Barkat Company, managed by Adi Gazit, in collaboration with Meitav Investment House, signed, together with Shlomo Insurance, an agreement to support a project worth approximately NIS 300 million.
As part of the agreement, Barkat will grant the developer Bingo Real Estate 1 a loan in a total amount of up to NIS 135 million to establish a residential project in Jerusalem, and Shlomo Insurance will provide the necessary guarantees, including Sales Law guarantees, in a total amount of up to NIS 230 million.
Attorney Carmel Nodler of the Keren Belcharsky Law Firm is accompanying Barekat and the insurance company in the transaction.
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The project, which will be built in the Romema neighborhood in Jerusalem, includes the construction of 3 11-story residential towers with 96 residential units, as well as commercial and public spaces.
In recent months, Barkat Company announced that it had entered into two agreements to provide financing and guarantee frameworks in collaboration with Kashgar Insurance Company, with a credit and guarantee scope of approximately NIS 400 million to Ashdar Company of the Ashtrom Group. The financing frameworks will be provided to support the establishment of two residential projects in Ra'anana and will include credit and sales law policies.
As part of the projects, two old buildings and 43 apartments will be demolished, and two new residential buildings will be erected in their place as part of the TAMA 38 demolition and construction plan in Ra'anana, which will include a total of 106 new apartments.
The company also announced that it has signed a project support agreement worth approximately NIS 640 million in collaboration with Migdal Insurance and Finance. As part of the agreement, Bareket is granting 132 members of a group of landowners a loan of up to NIS 340 million to establish a residential project in Bat Yam.
The company, controlled by Roni Biram, the company's chairman, Gil Deutsch, and Adi Gazit, the company's CEO, focuses on providing construction support to developers, purchasing groups, and landowners, and recently reported the completion of a successful public bond raising of NIS 100 million, with demand reaching approximately NIS 300 million.
Adi Gazit, CEO of Barkat: "Barkat continues to work with full vigor to promote high-quality and meaningful transactions in the real estate industry. We welcome this fruitful cooperation with Meitav. The residential development industry is one of the main areas of activity in which we focus and specialize, and we will continue to advance it alongside accompanying purchasing groups and landowners.".
Avi Berkowitz, Deputy Chief Investment Officer, Meitav Gemel and Pension: "We are pleased to collaborate with Barkat and together promote a significant residential project in Jerusalem. We continue to examine quality investment avenues.".
