Teshuva, Moldawsky and Efrati Invest US $26.5 Million in Canada

Samurai Investments, owned by Yitzhak Teshuva (56%), Simi Efrati and Yossi Moldawsky, recently invested US $26.5 million to acquire two buildings with a total of 359 rented apartments in Ontario, Canada. The investment in the two transactions included equity capital of 25% and loans for 10 years from Canadian companies. Teshuva’s investments in Samurai are distinct from his investments overseas through Delek Nadlan, a company under his control.

Samurai acquired two buildings in the city of Hamilton, including 211 rented apartments, for US $14.23 million. The lease contracts guarantee a yield of 15%. Negotiations are underway with contractors to construct additional apartments, exploiting increased building percentages. Hamilton has a population of 700,000 and is a university city. It is anticipated that many of the apartments in the project will be rented by students.

In another deal, Samurai acquired a building with 148 rented apartments in the city of Mississauga, which is part of the Toronto metropolis, for approximately $12.2 million. Samurai has a local partner for 50% of this deal. Mississauga has a population of 675,000 and is an important financial center.

Samurai was established in 1999. In 2000, Teshuva acquired 28% of the ownership for $8 million. Last year, he made loans and guarantees available to the company, and in return his holding was increased to 50%.
June 13, 2004, Globes Real Estate