Real estate investment group HAP Investment Developers is about to launch an IPO on the TASE (Tel Aviv Stock Exchange) at some point this later this year, Calcalist reported.
HAP, launched by Polack, Amir Hasid and Nir Amsel in the 1990s, with investments in the Ukraine, Hungary, and Israel, has developed more than 20 condominium projects in the Tel Aviv area, including the Kerem, an old Yemenite neighborhood in the southern part of the city.
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HAP will be trying to raise $30 million towards the fourth quarter of 2015.
Extell Development and Brookland Capital have raised $305.5 million last year, marking the first time U.S.-based developers solicited funding for Israeli projects in the Israeli market.
HAP CEO Eran Polack told The Real Deal that money is flowing into the Israeli market from mutual funds and pension funds, and his company has “a very good reputation in Israel and have done business there for 20 years.”
Polack is trying to match the timing of HAP’s IPO with competing offers dominating the market, notably Related Companies and GFI Capital Resources Group, who plan to seek $200 million on the stock exchange.
“We are waiting for the appropriate market time, ” Polack told The Real Deal.
