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Migdal Boosts Bet on Long-Term Rental Housing with Ashtrum Investment Amid Market Challenges

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First reported by Calcalist · 21 hours ago

What happened

Migdal Insurance invests 451 million shekels in Ashtrum's rental housing arm, signaling renewed institutional confidence in Israel's long-term rental market amid rising interest rates and slow home sales. Ashtrum manages over 3,300 rental units with significant development underway, while Migdal leads institutional investment in the sector.

01Migdal invests 451 million shekels in Ashtrum's rental housing, valuing it at 2.55 billion shekels.
02Rising interest rates since 2022 challenged rental housing profitability, causing losses for REITs and developers.
03Ashtrum holds 3,300 rental units, with over 1,100 under construction and a new 999-unit project won in Tel Hashomer.
04Migdal is the most active institutional investor in rental housing, also investing in Rent It and multiple projects.
05Ashtrum will manage rental operations and construction, with Migdal having financing priority rights.
06The capital raise aims to reduce Ashtrum's leverage and fund ongoing and new rental housing developments.

Summary translated & synthesized from the sources below by baba. Read each original for the full report.

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