Seldan Real Estate Seeks Up to 285 Million NIS in Debut Tel Aviv Bond Offering
Seldan Real Estate has filed a public prospectus for its debut bond offering on the Tel Aviv Stock Exchange, seeking to raise up to 285 million NIS to fund expansion.
The real estate company Seldan Real Estate, owned by businessman and entrepreneur Udi Saada, has published a public draft prospectus ahead of its first-ever bond offering (Series A) on the Tel Aviv Stock Exchange, aiming to raise up to 285 million NIS.
Market Context and Growth
With this move, the company joins a wave of real estate firms that have raised capital on the Tel Aviv Stock Exchange over the past year. Other prominent players include Profido, Gindi Group, and Azorim, which have all turned to the debt market to secure financing during a period of economic slowdown.
Between 2023 and 2025, Seldan's equity more than doubled, surging by roughly 108% to approximately 147 million NIS. Founded in 2014, the company specializes not only in residential development but also in income-producing commercial, industrial, and office real estate across Israel, holding 14 income-producing properties and 4 residential projects.
Bond Offering and Key Assets
The company is offering the bonds to the public through a tender on the annual interest rate. The Series A bonds are secured by a first-ranking lien on the company's rights in the Gan Yavne commercial center (Phase I) and the Cherry House in Kiryat Ono.
"The proceeds from the issuance will be partly used to repay the company's debt to Bank Leumi and to finance our continued expansion into new projects," the company stated.
Among the group's flagship developments is Seldan Gan Yavne, a 24,800-square-meter commercial and employment center. Phase I is slated for completion in the fourth quarter of 2026, with Phase II commencing next year. Meanwhile, the Cherry House project in Kiryat Ono spans about 2,700 square meters of commercial space and currently enjoys full occupancy.
Financial Performance and Outlook
Seldan's equity stood at approximately 147 million NIS as of June 30, 2026, accounting for roughly 31% of the total balance sheet. The value of the company's income-producing properties reached about 481.6 million NIS, while residential development assets stood at 72.3 million NIS.
The company's Net Operating Income (NOI) totaled approximately 7 million NIS in the first half of 2026, following an NOI of 14.2 million NIS in 2025. Looking ahead, Seldan projects a sharp increase in NOI to 28.85 million NIS in 2027 following the occupancy of Gan Yavne Phase I, and further growth to 39.65 million NIS in 2028 upon the completion of Phase II.