Mishorim Development Group Ltd

Mishorim Development Group Ltd. develops real estate assets, income-producing real estate, hotels, tourism and leisure in Canada and Israel. The Group owns income-producing assets, hotels and other assets totaling 126,000 sq.m. and land reserves for development and improvement for 2,800 housing units and over 10,000,000 sq.m. The business strategy of Mishorim and its Canadian subsidiary, Skyline, includes identifying opportunities in stable, developed countries, bringing in strategic and financial partners to reduce risk, using equity, improving the land through its development, improving cash flow from the asset and realizing the asset through significant capital gains. Over the years, activities have brought better than average returns in the sector while maintaining a low risk profile. The company’s equity is worth over NIS 300 million.

Activities in Canada are coordinated by the subsidiary, Skyline International (66%), and include a range of developed and income producing properties headed by:

Port McNicoll: 860 acres spread along 10.5 kilometers of beach at Georgian Bay, a one hour drive from Toronto. The area, which was acquired in 2007, historically served as the second largest port in Ontario, and is today one of the best sailing and fishing regions in Canada. After improvements implemented by the company, the area includes building rights for 1,564 houses, 300 hotel rooms, 33,000 sq.m. of commercial space and 650 berths for yachts. The project is at the end of the first stage of sales of lots for houses and beachfront assets and the infrastructure is being prepared for the next stages. The property was acquired for C$8 million and is today worth C$32 million.

Horseshoe Resort : 42 year-old ski and golf leisure site covering 1,875 acres and located 80 kilometers from Toronto. The site has two of the best golf courses in Canada, 23 ski slopes, a 102-room boutique hotel and additional building rights for 1,276 houses, 370 hotel rooms, and 37,000 sq.m. of commercial space. The asset was acquired in 2008 for C$36.8 million and is today worth C$51.5 million. The company is working to improve and increase cash flow from the asset.

King Edward Hotel: An historic 300 room hotel in the heart of downtown Toronto covering an entire block. The hotel was acquired by Skyline together with well-known Canadian strategic partners in 2010 for C$48 million. The company is in the midst of im-provements including converting empty spaces in the hotel into luxury apartments for purchase, leasing commercial space (enlarging operating cash flow for the hotel), and renovating and operating the historic Crystal Ballroom event hall on the penthouse floor.

Skyline Tower: One of the last lots remaining for construction of a skyscraper in downtown Toronto, the lot was acquired in 2008 for C$24.5 million and is today worth C$39 million, after the company improved the building rights to 59,000 sq.m. on 51 floors. The company also holds other assets in Canada including office buildings, shopping centers, Hotels and more.

Israeli Activities
The company’s activities in Israel focus on the acquisition and improvement of medium-sized quality income-producing properties with potential for betterment in Gush Dan (Greater Tel Aviv), the inland coastal plain, and the Sharon region. The company owns 13 income producing properties covering 26,000 sq.m. leased at an occupancy rate of 95%. The company also has available land reserves in the center of the country for the construction of an additional 18,500 sq.m.

Gil Blutrich, Rami Shriki and Mishorim initiated and manage the “Atid Varod” (Rosy Future) fund which assists youth who have dropped out of formal education to reintegrate into society through their business entrepreneurial talents. The fund has been operating for 14 years and several years ago the model was adopted by Ashalim (a partnership of the government, JDC, and Jewish Federation of Greater New York), which operates in over 40 local authorities in Israel.