TCI Subsidiary, Southern Properties Capital, is First Dallas Company to Raise Capital on the Israeli Bond Market
July 27 2017 - 8:00AM
Business Wire
Transcontinental Realty Investors Inc. (NYSE: TCI) CEO and
President Daniel J. Moos announces that Southern Properties Capital
(SPC), a subsidiary of Transcontinental Realty Investors Inc. and
Abode Properties, both Dallas-based real estate investment
companies, recently completed a $113 million bond series on the Tel
Aviv Stock Exchange, making it the first company out of Dallas to
raise capital on the Israeli bond market. Prior to the Southern
Properties Capital issuance, the market was previously dominated by
Manhattan-based companies, and has since shown increased demand for
additional bond issuers throughout the United States.
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Transcontinental Realty Investors and
affiliates partner with Radhan to secure major bond deal in Israeli
market.
The issuance was highly sought after by Israeli institutional
investors, displaying the Israeli market’s increased comfort level
with American-based issuers, and continuing the trend that has
emerged in recent years as an increasingly viable means for
US-based real estate companies to raise unsecured corporate
debt.
The company raised 400 million shekels, approximately $113
million, in its first bond series of unsecured “investor graded”
corporate debt, due to mature in 2023. The company’s bonds have
performed well since the issuance and are consistently traded at a
premium, reflecting the market's favorability towards them.
Southern Properties Capital operates primarily in Texas and
specializes in Class A multifamily assets in emerging markets
throughout the Southern United States, corresponding with both
sustainable and viable economic growth activity. The issuing entity
is backed by over 3,000 multi-family units, (which represent only a
small portion of the total units owned by TCI) as well as over 1.5
million square feet office buildings in Texas. The company has
already used funds to acquire additional multi-family assets within
its strategic footprint, and expects significant expansion by
continuing to utilize the Israeli bond platform.
”During the past several years we’ve made major steps toward our
strategic financing goals,” said Daniel J. Moos, CEO and President.
“This historic Israeli bond deal further solidifies TCI, Abode, and
SPC as major players in the region’s real estate market.”
The deal was led by Yuval Barak and Eden Ozeri from Radhan - a
leading financial consultancy firm out of Israel who continue
to advise the company in the Israeli market.
Transcontinental Realty Investors
(www.transconrealty-invest.com) maintains a strong emphasis on
creating greater shareholder value through acquisition, financing,
operation, developing, and sale of real estate across every
geographic region in the United States. A New York Stock Exchange
company, Transcontinental is traded under the symbol "TCI".
Transcontinental produces revenue through the professional
management of apartments, office buildings, warehouses, and retail
centers that are "undervalued" or "underperforming" at the time of
acquisition. Value is added under Transcontinental ownership, and
the properties are repositioned into higher classifications through
physical improvements and improved management. Transcontinental
also develops new properties, such as luxury apartment homes
principally on land it owns or acquires.
Abode Properties is a subsidiary of Transcontinental Realty
Investors Inc., (NYSE: TCI), a Dallas-based real estate investment
company. Abode’s investment and strategic focus is to acquire,
develop, and operate a portfolio of desirable multifamily
residential properties, while capitalizing on our ability to obtain
long term and static debt structures. The portfolio stands to
benefit from historically established, proven, and successful
operational practices, seasoned on-site management, and an
experienced leadership team with forward thinking capabilities in
order to realize maximum cash flows and consistent returns, while
maintaining unequaled resident and customer service. We are
disciplined and prudent allocators of capital and we will continue
growing our geographically diverse portfolio from the Southwest to
the Southeast. These markets are geographically located in areas of
the country that correspond with both sustainable and viable
economic growth activity.
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Pillar Income Asset ManagementChris Childress,
469-522-4275press@pillarincome.com
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