Israel's top 50 real estate firms increased their investment by 94% to an aggregate NIS 203 billion, reveals Dun & Bradstreet (D&B) Israel's Dun's 100 Real Estate company rankings.
The five largest real estate firms in Israel in 2007, by investment in assets and lands, are Gazit-Globe (TASE: GLOB), Delek Real Estate Ltd. (TASE: DLKR), Jerusalem Economic Corp. (TASE:ECJM), (JEC), Electra Real Estate Ltd. (TASE:ELCRE), and Africa-Israel Properties (TASE: AFPR). The survey reveals that the combined equity of the top 50 companies totaled NIS 61 billion, a 132% increase compared with 2006.
The Dun's 100 survey ranks the 72 largest companies, by investment in assets and lands, income for activities, and equity. Gazit Globe, which was ranked top in the asset investment category in 2006, remained in first place in 2007 with NIS 45 billion in investment, 28% more than in the previous year. Delek Real Estate, which was ranked third in 2006 climbed to second place this year with NIS 24.4 billion in investment, a 284% jump over 2006. An even larger jump was made by Africa Israel Properties, which leapt from fourteenth to fifth position, with NIS 9 billion in investment, a 267% increase over the previous year.
Gazit Globe also retained its lead in the equity category, with NIS 16.6 billion. JEC came second with NIS 4.7 billion, followed third place by Delek Real Estate with NIS 4 billion in equity.
D&B Israel general manager Reuven Kuvent said, "The sub-prime crisis has, for the time being, brought fund raising by real estate companies to a virtual standstill while on the other hand, the financial system is making it difficult to obtain credit."
Published by Globes [online], Israel business news - www.globes-online.com - on May 11, 2008
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