July 11--The real estate business of Engel Resources and Development Ltd. (TASE:ENRS)has attracted considerable interest in recent weeks, with several investment bids being submitted to the company's receivers. The bids submitted, whether for acquiring the company in full or for purchasing some of its assets, came from large companies, such as Africa Israel Residences and Azorim Investment, Development and Construction Ltd. (TASE: AZRM), which earlier this week decided to retract its bid, and from private developers.
The most recent of the bids still standing was submitted a few weeks ago by Yoav Kfir, CPA, who submitted a bid to invest NIS 50 million in the company. The bid included an injection of NIS 27 million into the company for 52% of the shares in Engel Resources and a NIS 15 million loan for four years, to be subordinate to Engel Resources' debts to the banks and bondholders. Another NIS 8 million will be invested in a rights issue.
Kfir submitted his bid through Life Green Investments Ltd., and "Globes" has learned that the entity behind his bid is the DK Partners private equity firm. While Kfir has represented the firm in the past, in this case, he is also expected to take part (a 20% share) in its investment, should it win the tender to acquire Engel Resources.
If the fund's bid is accepted, Kfir is expected to be appointed chairman of Engel Resources, and will probably be joined in the company management by former Azorim chairman Rotem Ravivi and Yehuda Vatkin, who has been active in Israeli real estate for many years.
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