Residential real estate company Almadev Real Estate Inc. is on its way back to the Tel Aviv Stock Exchange. Sources inform "Globes" that the company plans to offer 20-30% of its shares and to raise NIS 300 million, at a pre-money valuation of NIS 1.5 billion.

The company is active in residential real estate in Canada and in upgrading income-producing assets in Canada and the US. It has nearly 10,000 housing units at different stages of construction and development and income producing assets that generate annual NOI of NIS 159 million. It is owned by Rester Management, a family-run Canadian real estate company that has been in existence for over 100 years and operates mainly in Toronto and Montreal. It holds office, residential, and commercial properties, and business and industrial parks, in Canada and the US.

Almadev was formerly Elad Canada. In 2021, when Yitzhak Tshuva was still in need of extricating himself from the fall in oil prices and the decline in Delek Group’s business during the Covid pandemic, he sold his privately-owned company for $385 million in order to be able to service debt.

Almadev, in its previous incarnation as Elad Canada, had its shares listed on the Tel Aviv Stock Exchange in the period 2010-2013. Later, in 2018-2019, it issued debt in Tel Aviv, amounting to NIS 847 million, and again in 2024-2025, amounting to NIS 790 million. The company now seeks to have its shares listed again as well.

The offering is being led by Leader Capital Markets.

NIS 6.2 billion portfolio

Almadev is headed by Rafael Lazer, who has been CEO since 2015. He was formerly CFO at shipping company ZIM. The company holds a real estate portfolio valued at C$ 2.8 billion (NIS 6.2 billion). Its shareholders’ equity is NIS 1 billion, and together with the net value of land that it holds it amounts to NIS 1.5 billion.

The company says that the aim of the offering is to inject finance for the continued development of its projects and to repay two debts totaling C$95 million, or NIS 206 million.

To demonstrate seriousness, the company says that it intends to appoint an Israeli resident as chairperson and to ensure that a majority of the board is made up of residents of Israel. It says that it will be included in the local stock indices and that it will be traded solely on the Tel Aviv Stock Exchange for at least the next seven years.

Rester Management is controlled by the Drazin and Deitcher families.

Published by Globes, Israel business news - en.globes.co.il - on May 5, 2026.

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