Southern Properties Capital, Wholly Owned Subsidiary of Transcontinental Realty Investors, Achieves a Series C Issuance on ...
July 31 2019 - 8:00AM
Business Wire
Southern Properties Capital (SPC) a subsidiary of
Transcontinental Realty Investors Inc., (NYSE: TCI) and Abode
Properties, both Dallas-based real estate investment companies,
announces an expanded bond offering in the Israeli market. The
company raised an additional $78 million bond series C on the Tel
Aviv Stock Exchange. As previously reported, TCI was the first
Dallas-based firm to raise capital on the Israeli bond market with
its Series A and B bonds. Prior to the Southern Properties Capital
issuance, the market was previously dominated by Manhattan based
companies, but has once again shown increased demand for additional
bond issuers throughout the United States.
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SPC, TCI, Abode Properties, and Radhan
complete successful Series C Bond in Israel (Photo: Business
Wire)
The company’s Series A and B bonds raised over 610 million
shekels, approximately $174 million. “This series C offering was
for an additional 275 million shekels, over $78 million,” said
Daniel J. Moos, CEO and President. “We are always evaluating
various alternatives to grow our asset base while continuing to
enhance value for our investors. This expanded offering creates
additional financial strength to our already thriving organization.
With our existing and newly engaged projects and our continuously
burgeoning multifamily asset base, we are continuing to prove
ourselves as a formidable player in the U.S. real estate
market.”
Daniel J. Moos continued, “It is very gratifying that the
offering was significantly over the $75 million subscription we
were allowed to raise for this series. In addition, for various
reasons the interest rate paid on this series C was significantly
less than what was paid on our previous series. This series also
reflects a AAA- S&P rating in comparison to the BBB+ rating
associated with the prior series A and B.”
The deal was led by Yuval Barak and Eden Ozeri from Radhan - a
leading financial consultancy firm out of Israel that continues to
advise the company in the Israeli market. According to Eden Ozeri,
“In a challenging time for US issuers, the tremendous success of
the series C issuance is a vote of confidence in Southern
Properties Capital. It is an unprecedented transaction in this
period and proof that solid companies with proven attention to the
local market continue to succeed.”
About Southern Properties Capital
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 (out of a total of
approximately 8,000 owned and operated 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.
About Transcontinental Realty Investors
Transcontinental Realty Investors 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.
About Abode Properties
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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Chris Childress, Pillar Income Asset Management 469.522.4275 /
press@pillarincome.com
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