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The management of Menivim-The New REIT Ltd. took part in the Opening Bell Ceremony at the Tel Aviv Stock Exchange (TASE) on the occasion of the company's initial public offering. Menivim is the fifth new company to be joining the TASE this year; in fact, more companies have joined TASE in the first four months of 2017 than in all of last year. Additionally, a number of companies are in the process of preparing IPOs, including another REIT company that will be joining TASE in the near future. The overall value of REIT companies traded on the TASE totals approximately NIS 3.5 billion.
Ofer Avram, Menivim REIT CEO: "I'm gladdened by the high degree of trust placed in us by the capital market. Participating this morning in the Opening Bell Ceremony constitutes an additional milestone in turning Menivim into a leading player in the Israeli real estate market. Pursuant to company strategy, we've recently reported the purchase of an additional property in Rehovot and we will continue purchasing properties that we identify as having improvement potential".
Hani Shitrit Bach, TASE Senior Vice President and Head of Listing & Economics Department: "Menivim is the fourth REIT fund to be joining the TASE. If in the past we needed to explain exactly what a REIT fund is, today the public already knows that it is possible to invest in real estate without actually purchasing a property. This is evidenced by high demand in response to REIT IPOs. The Company originally intended to raise NIS 50 million via the stock issue and in fact has raised NIS 62 million. It intended to raise NIS 150 million through a bond issue at an interest rate not exceeding 3.2% and actually raised NIS 230 million at an interest rate of 2.1%. Starting at the beginning of June, the Company's shares are expected to be included in five TASE indices: TA-SME60, TA-SME150, TA-Rimon, TA-AllShare, and TA-Real Estate".
