Aura Real Estate Acquires Protected Housing Firm Beit Bakfar for $460 Million
Translated & summarized from Calcalist by baba
Real estate firm Aura is acquiring Beit Bakfar, a veteran protected housing company in Israel, for 1.7 billion shekels. The deal includes 1.15 billion shekels in cash and 550 million shekels in Aura shares. The acquisition adds nearly 1,000 existing units and reserves for over 800 more to Aura's portfolio. Beit Bakfar will become a private company upon deal completion.
The story in 5 lines · by baba
- Aura Real Estate is acquiring protected housing company Beit Bakfar for 1.7 billion shekels.
- The acquisition includes 1.15 billion shekels in cash and 550 million shekels in Aura shares.
- Beit Bakfar currently operates 975 protected housing units and has plans for 884 more.
- The deal will make Beit Bakfar a wholly-owned private subsidiary of Aura.
- Beit Bakfar's market value was 936.4 million shekels prior to the acquisition announcement.
Real estate company Aura is expanding its operations by entering the protected housing sector through the acquisition of Beit Bakfar, one of Israel's veteran companies in the field. Aura announced it will purchase 100% of Beit Bakfar's shares for a total consideration of 1.7 billion shekels, to be paid in cash and stock. Beit Bakfar, which is traded on the Tel Aviv Stock Exchange, closed its last trading day with a market value of 936.4 million shekels, following a 4.2% decrease in the past month and since the beginning of the year. According to the deal's framework, Aura will pay approximately 1.15 billion shekels in cash, while the remaining consideration, amounting to about 550 million shekels, will be paid through an allocation of Aura shares valued at 5.5 billion shekels. Following the share allocation, Beit Bakfar's selling shareholders will become shareholders in Aura. The acquisition will add 975 existing housing units in the protected housing sector to Aura's operations, along with reserves for the establishment of an additional 884 housing units across three projects. This move will broaden Aura's activities beyond residential development, entering into income-generating operations in protected housing. Upon completion of the transaction, Beit Bakfar will become a private company fully owned by Aura.
