Clal Insurance and Manif Expand Real Estate Financing to 550 Million NIS
Manif Financial Services and Clal Insurance have expanded their real estate financing partnership by 250 million NIS, bringing the total joint credit framework to 550 million NIS.
Large insurance, investment, and credit companies are expanding their footprint in the real estate market. Recently, retail chains have also joined this trend, betting that the real estate sector will ultimately rise and leveraging their available financial tools. This can be seen in investments by companies such as "Clal Insurance Enterprises Holdings", Menora, "Harel Insurance & Finance", and others, which are increasing their presence in urban renewal projects.
Expanding Financing Partnerships
Amidst this backdrop, Manif Financial Services announced today the signing of an agreement amendment to expand its cooperation with several entities from "Clal Insurance Enterprises Holdings", managed by Yoram Naveh, concerning real estate project financing. Clal will provide an additional non-recourse extra-banking credit facility of up to 250 million NIS, allowing the parties to expand their joint financing activities. This will add to the existing credit facility of 300 million NIS, bringing the total framework to 550 million NIS.
According to the announcement, the credit will be provided on a non-recourse basis at a rate of 60% of the financing principal provided by Manif in each project. The total volume of joint activity is expected to reach up to 917 million NIS.
Strategic Growth and Market Confidence
"The amendment signed with Clal Insurance, one of the most professional, largest, and most important financial institutions in the economy, will allow us to expand our joint real estate financing activity to over 900 million NIS. It demonstrates deep mutual trust during a period of uncertainty in the sector and allows us to seize existing business opportunities," said Maor Dwek, CEO of Manif Financial Services.
Barak Bansky, Deputy CEO and Head of the Investment Division at Clal Insurance and Finance, added: "The expansion of the agreement with Manif, a veteran and leading non-bank credit provider for real estate developers, constitutes another pillar in Clal's investment strategy in residential credit."
Manif, established in 1999, engages in non-bank financing for real estate developers and is controlled by Mivtah Shamir Holdings.
