Portofino Investments served as the exclusive investment banker in the sale of REEM Group holdings to Poalim Equity.
AT A GLANCE
Portofino served as the exclusive investment banker in the sale of minority stake (20%) in Reem Group at a company valuation of USD 250 Million, to the investment arm of Bank Hapoalim. The transaction included a complex process of restructuring while merging several assets and entities held by the various shareholders under one entity. Managed by Portofino, the transaction included a significant process which involved multiple steps in light of the complex structure, which dictated the examination of different aspects of regulation, value allocation and taxation as well as shareholder management...
THE ACQUIRER
Poalim Equity is the investment arm of Bank Hapoalim, currently the largest bank in Israel. Since its founding in 1921, Bank Hapoalim which is also Israel’s leading financial institution, played a pivotal role in the rapid growth of Israel’s economy. The bank operates in Israel and abroad in all areas of banking services and its associated activities in the capital markets. Poalim Equity invests across various sectors, geographies and strategies, in addition to providing a wide range of advisory services to private client companies and public ones.
THE TARGET
Reem Group, controlled by the Nakash family, is an established business family who owns additional prominent holdings in Israel including: Arkia Airline company, the hotel chains Orchid, Setai and Herbert Samuel and the port of Eilat, in the south of Israel. Reem specializes in the acquisition, construction, development and management of income – producing real estate assets including office complexes, commercial and industrial real estate and hotels. The Group is currently developing and marketing over 10,000 apartments and operating over 300,000 sqm of commercial and office spaces and 1,000 hotel rooms.