Canada Global Expands International Real Estate Ventures with Flow Partnership
In a significant move to bolster its international presence, the Israeli investment company Canada Global has announced a strategic partnership with Flow, the innovative residential real estate brand co-founded by Adam Neumann. The deal, valued at approximately NIS 99 million, will see Flow acquiring 30% of Canada Global. This partnership marks a pivotal step for Canada Global as it aims to focus its operations primarily in the United States, particularly in the thriving real estate market of Florida.
The transaction, which positions Canada Global's pre-deal valuation at around NIS 252.5 million, will elevate the company's worth to approximately NIS 341 million post-investment. This collaboration not only emphasizes the growing interest in the U.S. real estate sector but also reflects the confidence international investors have in Canada Global's vision. Assaf Tochmeir, the company's CEO, expressed excitement about this partnership, stating, "We see great potential in the American market, especially in Florida, where there are numerous opportunities for lucrative real estate investments."
Flow, known for its community-focused living experiences, aims to manage the properties developed through this partnership, ensuring a unique residential experience that fosters community and well-being. Neumann highlighted the goal of this collaboration, stating, "The investment in Canada Global establishes a strategic cooperation aimed at creating and developing world-class real estate projects outside of Israel."
In addition to the U.S. expansion, Flow has recently ventured into the Saudi Arabian market, announcing plans to develop three apartment buildings in Riyadh that will ultimately house around 920 units. This move aligns with Saudi Arabia's Vision 2030, demonstrating Flow's commitment to diversifying its portfolio and meeting the growing demand for quality housing in emerging markets.
Canada Global's controlling owners, Tochmeir and Barak Rosen, will retain a 60% stake in the company post-transaction, while Neumann's Flow will hold 30%, with the remainder shared between investor Asaf Rapaport and the public. This restructuring signifies a robust shift in Canada Global's strategy as it seeks to establish itself as a leading player in the international real estate arena.
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