Portofino served as the exclusive investment banker in the acquisition of minority stake in ICR (formerly Minrav Projects) at a company valuation of NIS 800 million, by the investment arm of Leumi Bank – Leumi Partners.
Portofino accompanies its customers continuously and widely over the years. The current transaction is the result of long-term support from two parties (Nakash Group and Manrav) in a variety of real estate transactions, some of which were jointly led during 2020 to a transaction in which the Nakash family together with Israel Canada acquired Minrav. And then with the repositioning of the Minrav company, a change of name, and the company’s brand to its current name – ICR, Portofino continued to accompany fundraising with Leumi Partners.
AT A GLANCE
Portofino served as the exclusive investment banker in the acquisition of a minority stake in ICR (formerly Minrav Projects) at a company valuation of NIS 800 million, by the investment arm of Leumi Bank – Leumi Partners. The transaction included the acquisition of shares from Re’em Holdings, a company held by the Nakash family, and an investment into a newly formed Special Purpose Vehicle which will serve as the parent company of ICR.
THE ACQUIRER
Established in 1980, Leumi Partners has grown to become Israel’s premier banking investment arm, responsible for managing the Leumi Bank investment portfolio, which is the largest operating company portfolio in the Israeli banking sector. The Leumi Bank is among the two largest banking firms in Israel, with more than 13,000 employees and a global presence in key financial centers worldwide.
THE TARGET
ICR is a veteran real estate development corporation with over 30 years of experience. The company specializes in the construction of luxury complexes in exclusive areas, alongside residential neighborhoods across the country, and is owned by two industry leaders – the Reem Group and the Canada-Israel Group. The two groups are active and experienced in a wide variety of real estate markets, including hotel development in areas of high demand, urban renewal in select cities throughout the country and more.