Real Estate Firm Seeks $70 Million Bond Offering to Repay Bank Debts

Seldan Real Estate, controlled by Ashkelon-based developer Oudi Sa'ada, is planning to raise up to 285 million shekels (approximately $70 million) through a bond offering on the Tel Aviv Stock Exchange. The company aims to use the funds to repay debts totaling 230 million shekels owed to Bank Leumi. These debts are linked to two projects for which Sa'ada has provided personal guarantees.

One of the debts, amounting to 140 million shekels, is due at the end of the current month, setting the minimum fundraising target for the bond issuance. The company is offering collateral on two properties valued at a combined 356 million shekels. One property is fully leased, while the other, nearing completion, is already 80% leased. The offering is being conducted via a tender for the interest rate, with expectations that the rate will fall between 3.5% and 4.5%, replacing bank loans with interest rates of Prime plus 0.7%.

Seldan Real Estate, in which Sa'ada holds a 78.6% stake, owns six income-generating properties across Israel valued at 197 million shekels. The company's net operating income from these properties was 7 million shekels in the first half of 2026. Key assets include the "Beit Ha'Duvdevan" project in Kiryat Ono, with 3,300 square meters of fully leased commercial space worth 132 million shekels, and a commercial center in Gan Yavne, spanning 9,600 square meters and 80% leased, valued at 224 million shekels.

Seldan Real Estate is part of the Seldan Group, founded in 2014 by Sa'ada. The group is involved in residential, commercial, logistics, and office projects, and also holds a third of the Seven Expres chain and a commercial arm including "Aman Dagim," which imports and markets fish. The company has secured financing from Bank Hapoalim for the "Beit Ha'Duvdevan" project and another loan from Bank Leumi for the Gan Yavne center, both with personal guarantees from Sa'ada.