Fisher Brothers Real Estate Firm Plans $100 Million Bond Offering on Tel Aviv Stock Exchange
Fisher Brothers, a longstanding US real estate company controlled by American lawyer Martin Edelman and cousins Winston and Kenneth Fisher, is preparing to raise approximately $100 million from local investors through a bond issuance on the Tel Aviv Stock Exchange. The company, which owns over 2.1 million square meters of office space and more than 1,500 residential units primarily in Washington and New York, will conduct the bond offering via a newly established entity in the British Virgin Islands. This entity will hold 10 residential and office properties valued at around $2.5 billion, including five office buildings in New York with an average occupancy rate of 83%, generating annual revenues of about $437.5 million and a net operating income of $99.5 million in 2024.
Fisher Brothers also owns three rental properties in Manhattan, Washington, and Miami with approximately 1,050 residential units at a 74% occupancy rate, yielding $22.9 million in revenue and $5.7 million in net operating income in 2025. Additionally, the company holds two retail properties in New Jersey leased to a car agency and a retail chain, though these contribute minimally to overall income. In 2025, Fisher Brothers reported revenues of roughly $460.4 million, an 8% decline from 2024, and a net profit of about $306 million, down 33% due to high asset revaluations in 2024.
The bond issuance, expected to be unsecured and rated by S&P Maalot, will partly finance a $115 million payment to acquire a partner’s stake in one property, capital expenditures on several assets, and ongoing company operations. This move comes amid a series of recent negative events involving British Virgin Islands-based companies listed on the Tel Aviv Stock Exchange, including financial irregularities and defaults by other real estate firms.
Martin Edelman, a close associate of US President Donald Trump and a member of the Peace Council tasked by the UN with Gaza reconstruction, also holds influential roles in Abu Dhabi’s AI company G42 and CFG, which owns Manchester City football club. He advises Mubadala, Abu Dhabi’s investment arm, which acquired a significant stake in Israel’s Tamar gas field in 2021. Fisher Brothers’ entry into the Tel Aviv bond market highlights ongoing foreign investment interest despite recent market challenges.
