Real estate developer Hagag Development Europe, part of Hagag Group from Israel, opens the Romanian market to Israeli investors by launching an initial public offer (IPO) on Tel Aviv Stock Exchange (TASE).
According to a press release, the IPO’s value through which the Israeli developer entered the trading arena is EUR 15 million. Just a few weeks after the listing, the offer went up by more than 0.7 percent of its initial trading value.
In addition to the properties enlisted in its portfolio, the company plans a series of new acquisitions targeting landmark buildings and land plots located in Bucharest’s high-end areas.
”Through this IPO we offer stakeholders the opportunity to trade their assets in an efficient and organized environment,” Yitzhak Hagag, President of Hagag Group Israel, stated.
In the future, the company’s management takes into account the listing of Hagag Development Europe on other Stock Exchanges across Europe and beyond.
Real estate developer Hagag Development Europe invests over EUR 90 million in its first project in Bucharest – H Pipera Lake, the company being also involved in the acquisition, development and renovation of several buildings and projects, meaning more than EUR 150 million invested in Bucharest’s top development areas.
Located on the shores of Lake Pipera, H Pipera Lake is the largest residential project that the company is developing in Romania.