Profimax Real Estate Fund Buys US Properties for $270 Million
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The Israeli real estate investment fund Profimax has acquired five properties in the United States for approximately $270 million in the last quarter. The acquisitions include industrial, logistics, and residential properties in key U.S. locations like Chicago, Texas, Atlanta, Houston, and Maryland. The fund, managed by Elhanan Rosenheim, aims to improve these assets and expand its U.S. portfolio, which now totals about $2.4 billion in value.
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- Profimax acquired five U.S. properties for approximately $270 million in the last quarter.
- The acquisitions include industrial, logistics, and residential properties in Chicago, Texas, Atlanta, Houston, and Maryland.
- Some deals were completed after sellers faced liquidity issues.
- Profimax plans to enhance the acquired properties through lease renewals and market-rate adjustments.
- The fund's total U.S. asset portfolio now stands at approximately $2.4 billion.
- The fund is managed by Elhanan Rosenheim and funded by private investors.
The real estate investment fund Profimax concluded the last quarter by acquiring five properties in the United States for a total of approximately $270 million (about 830 million shekels). The acquisitions include three industrial and logistics properties located near Chicago, in Texas near a U.S.-Mexico border crossing, and in the Atlanta metropolitan area of Georgia. Additionally, Profimax purchased a rental housing complex in Houston and an office complex in Bethesda, Maryland.
In Chicago, Profimax partnered with an American institutional entity and another local partner to buy a cluster of 17 light industrial and logistics properties spanning roughly 69,000 square meters. These properties are 92% occupied by 47 tenants. In Laredo, Texas, the fund acquired eight properties totaling 39,000 square meters, which are fully leased. These two Texas transactions are valued at approximately $140 million. In Atlanta, a logistics property of 21,000 square meters, nearing completion, was purchased for an estimated $25 million.
Some of these deals were finalized after the sellers faced liquidity challenges. Profimax plans to enhance the value of these properties by renewing leases on older assets and adjusting historical rental rates to current market levels. The Houston rental housing complex, comprising five buildings with 326 units, was acquired for $52 million in partnership with a local company, following the seller's financial difficulties.
The Bethesda office complex, consisting of three 11-story buildings covering about 53,000 square meters, was reportedly bought for around $50 million. Profimax, along with two American companies, intends to redevelop this complex into a mixed-use area.
Profimax, managed by Elhanan Rosenheim and funded by high-net-worth private investors, executed these purchases through its sixth fund. With these acquisitions, the fund, which raised approximately 1 billion shekels, now manages assets valued at about $2.4 billion. This portfolio includes approximately 2,700 housing units and about 730,000 square meters of industrial and logistics space in the U.S., alongside roughly 56,000 square meters of retail space and 43,000 square meters of offices in Europe.
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