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Company profile:

Lahav L.R., controlled by Avi Levy, is engaged in three areas of business: income-producing real estate, renewable energy in Israel, and the Delek Israel business.

The company’s main income-producing real estate business is in Germany, where it has been operating since 2012. The company holds a portfolio of some 80 neighborhood commercial centers and a hotel. The company also holds interests in the City Tower in Ramat Gan, Israel, an income-producing property.

In 2012, the company began operating in green energy, and now specializes in the development, construction, acquisition, and holding of photovoltaic power generation systems in Israel. Such operations were later merged into the public company Solegreen, and Lahav’s holdings were sold in 2019.

In May 2020, the company returned to the green energy sector and acquired a portfolio of some 89 rooftop solar installations with a total capacity of ~4.8 MW.

In April 2021, the company reported an investment of ~ILS 25 million by Noked Capital, which was invested by the company in the subsidiary, Lahav Green Energy. The investment was made according to a valuation of ~ILS 125 million (post-money), subject to the conditions and adjustments stipulated, with Noked Capital holding approx. 20% of the shares in Lahav Green Energy just before the IPO. The transaction includes a mechanism whereby Noked Capital will receive a ~ILS 25 million non-marketable option which, just before the Lahav Green Energy IPO, will be converted into 20% of the shares of the company according to a post-money valuation of ~ILS 125 million.

The company is working to develop the operations it has acquired and to promote additional large-scale projects in the renewable energy industry, through the acquisition of income-producing projects and land development.

In October 2020, Lahav L.R. (35%) and a company owned by Uri Mantzur (35%) acquired 70% of the share capital of Delek Israel for approx. ILS 525 million. In Q1/2021, Lahav L.R. increased its holdings in Delek Israel to ~40%.

On March 31, 2021, Delek’s operations were split into two companies through a transfer of its real estate property holdings (mainly gas stations) to its sister company, Delek Properties (D.P.) Ltd., with Delek Israel leasing the gas stations from Delek Properties under long-term contracts

Erfurt
Acquired in	January 2017
Total GLA	12,053 sqm
Occupancy rate	100%
Main tenants	Tedox – chain selling homeware and textiles, Multipolster – furniture store chain with a nationwide presence in Germany, Center Garden – gardening center, Fressnapf– pet store chain with a nationwide presence in Germany.
Lease period of main tenants	Tedox – At the time of acquisition, the lease agreement was until March 2020, and has since been extended to March 2025. Multipolster – At the time of acquisition, the lease agreement was until April 2025, and has since been extended to April 2030. Center Garden – At the time of acquisition, the lease agreement was until February 2025. Fressnapf – At the time of acquisition, the lease agreement was until June 2025, and has since been extended to June 2031.
Annual rent income	€1 million
Property value according an appraisal of June 30, 2020	€15.68 million
Company’s share in the property	50%

Erfurt
מועד רכישה	1.2017
סה”כ מ”ר להשכרה	12,053 מ”ר
שיעור תפוסה	100%
שוכרים עיקריים	Tedox -רשת למכירת כלי בית וטקסטיל, Multipolster – רשת ריהוט הפרוסה בגרמניה, Center Garden – מרכז לגן. Fressnapf – רשת לבעלי חיים הפרוסה בגרמניה.
תקופת שכירות שוכרים עיקריים	Tedox – בעת הרכישה הסכם השכירות היה עד 3.2020 ומאז הוארך עד 3.2025. Multiploster – בעת הרכישה הסכם השכירות היה עד 4.2025 והוארך עד 4.2030. Center Garden – בעת הרכישה הסכם השכירות היה עד 2.2025. Freesnapf – בעת הרכישה הסכם השכירות היה עד 6.2025 ומאז הוארך עד ל-6.2031.
הכנסות שנתיות משכירות	1 מיליון אירו
שווי הנכס בהתאם לשמאות מיום 30.06.2020	15.68 מיליון אירו
חלק החברה בנכס	50%

Remscheid
Acquired in	February 2012
Total GLA	3,055 sqm of commercial space, with an underground car park and parking areas in front of the building. In early 2021, an additional ~300 sqm were built.
Occupancy rate	100%
Main tenants	Penny – a supermarket, Rossman – a drugstore chain, Takko – a fashion store
Lease period of main tenants	Penny – At the time of acquisition, until January 2019, and has since been extended to January 2033. Rossman – At the time of acquisition until January 2019, and has since been extended to June 2030. Takko – At the time of acquisition until February 2024, and has since been extended to February 2036. All of the tenants have an option to extend their leases for an additional period.
Annual rent income	At the time of the acquisition the annual revenues were ~€413 thousand, and have since increased to ~€468 thousand (net of VAT and reimbursement of expenses).
Property value according to an appraisal of June 30, 2020	€7.8 million
Company’s share in the property	94%

Wurselen
Acquired in	December 2016
Total GLA	3,582 sqm at the time of acquisition; since then a reconstruction has been carried out which split the property in a more functional manner and increased its area to 3,602 sqm
Occupancy rate	785 sqm were empty at the time of acquisition; 100% occupancy since the reconstruction
Main tenants	Medimax was the main tenant at the time of acquisition, and after the reconstruction in 2021 a furniture store from a large and well-known chain rented approx. 700 sqm, a fishing equipment store from a well-known chain rented approx. 1,060 sqm and a Chinese restaurant and kitchen company also rented space.
Lease period of main tenants	Chinese restaurant until 2036. Kitchen company until 2029. Fishing equipment store until January 2029 (with an early exit option after three years).
Annual rent income	~€250 thousand at the time of acquisition; currently ~€360 thousand
Property value according to an appraisal of June 30, 2020	€4.37 million
The Company’s share in the property	50%

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