Israeli income producing real estate company Canada Global (TASE: CNGL), controlled by Israel Canada (TASE: ISCN) controlling shareholders Asaf Touchmair and Barak Rosen (60%) notified the Tel Aviv Stock Exchange (TASE) this morning that it has bought an office complex in Miami for $116 million. Canada Global’s investors include WeWork founder Adam Neumann and cybersecurity company Wiz cofounder and CEO Assaf Rappaport.
The office and real estate project covers 10 acres in the Aventura neighborhood of Miami, Florida and currently comprises three office buildings with 26,000 square meters of space and three car parks with space for 950 vehicles as well as building rights for 500 apartments. The development yields 7% returns annually and the office space has 90% occupancy. Investment bank Morgan Stanley is the main tenant.
Canada Global stressed that a plan has already been approved to build two 24-floor towers with 500 apartments, 1,600 parking spaces and 4,000 square meters of commercial space on the ground floor.
Canada Global expects $500 million in sales of the apartments. The location is in the heart of Miami at the junction of Biscayne Boulevard and NE 207th, an area including residential, office and commercial properties as well as a hospital, hotels, cafes, restaurants, and mixed use buildings.
Canada Global, a subsidiary of Canada Israel, focuses on the group’s international operations.
At the end of September, international real estate company Flow became a partner in Canada Global. Flow, which is a partnership of Neumann and US venture capital firm Andreessen Horowitz, was allocated 30% of the shares of Canada Global. Wiz’s Rappaport has a 10% stake in the company.
Published by Globes, Israel business news – en.globes.co.il – on November 19, 2024.
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