Almadev cuts valuation to complete offering

Real estate company Almadev (formerly Elad Canada) has returned to the Tel Aviv Stock Exchange in its new incarnation after compromising on its valuation with the financial institutions. The company, headed by Rafael Lazer, raised NIS 340 million in exchange for 30% of its shares, at NIS 8 per share plus a warrant.

Excluding the warrants, the offering took place at a pre-money valuation of NIS 800 million, but the warrants also have value, and so the effective valuation is substantially lower. The company had planned to raise capital at a valuation of NIS 1.5 billion.

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The company seeks to use the proceeds of the offering to advance its projects, but NIS 206 million are earmarked for repaying two loans. The offering was led by Leader Capital Markets.

Almadev 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. Its asset portfolio is valued at CA$ 2.8 billion (NIS 6.2 billion).

Almadev is owned by Rester Management, controlled by the Drazin and Deitcher families, a 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.

Published by Globes, Israel business news – en.globes.co.il – on June 8, 2026.

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