Electra Real Estate continues to generate profits for the Zalkind brothers: reported revenues of NIS 635 million in 2021

Electra Real Estate continues to generate profits for the Zalkind brothers. The company, from the Elco Group controlled by the brothers, reported a sharp increase in revenues and bank profit in 2021, following rising real estate prices in the US that led to higher profits in property sales and rents.
Electra Real Estate, managed by Amir Yaniv, owns three housing investment funds, a debt collection fund and a partnership to purchase private homes. In addition, Electra began operating a REIT hotel fund, in which it purchased three hotels in 2021 for a total price of $ 202 million. Completed an initial $ 500 million fundraising for the hotel fund, Electra is also setting up three new funds: another debt fund, another housing investment fund, and an investment fund in the UK.
Electra Real Estate has four sources of income: current profits arising from being a limited partner (LP) in the funds; assets revaluation gains as LP; annual management fees; and success fees as a result of the effect of the profit from the revaluation or realization of the assets.
The company reported revenues of NIS 635 million in 2021, compared to NIS 155.5 million in 2020 - a jump of about 300%. The increase in revenue was mainly due to an increase in income from success fees (Promote), and the company distributes fair value adjustments from rental housing in the US. Electra Real Estate sold assets of approximately $ 1.69 billion in 2021, and at the same time acquired assets of approximately $ 1.67 billion. The NOI (net operating income) from rental housing clusters rose 18% in 2021 to $ 256 million.