Trump's Peace Council member brings Fisher Brothers to the Tel Aviv Stock Exchange
Fisher Brothers, co-owned by American attorney Martin Edelman, a close associate of the US President, will attempt to raise $100 million in a bond issuance, despite recent failures of foreign real estate companies in Tel Aviv.
A series of negative events in recent times has not stopped the flow of foreign companies rushing towards the Tel Aviv bond market. The latest entrant is the income-producing real estate company Fisher Brothers, which has published a prospectus with the intention of raising about $100 million from local investors.
Behind the company is top American attorney Martin Edelman, who holds control alongside cousins Winston and Kenneth Fisher. Edelman is considered a close associate of US President Donald Trump, who appointed him earlier this year as a board member of the Peace Council, which received responsibility from the UN for the reconstruction of the Gaza Strip.
Edelman is also known for extensive connections in the UAE. He serves as chief legal counsel for the AI company G42, based in Abu Dhabi, and is a member of the board of directors and the executive committee of CFG, which owns Manchester City and 12 other football clubs. The controlling shareholder is the investment company ADUG, owned by Sheikh Mansour bin Zayed Al Nahyan, Vice President of the UAE.
Alongside these, Edelman serves as a senior advisor to Mubadala, Abu Dhabi's investment arm, which acquired a 22% stake in the Tamar gas field from Delek Drilling in 2021 for $1.05 billion. Today, the fund holds about 11% of the reservoir.
A company with over 100 years of activity
Fisher Brothers has operated in the US since 1915, holding office space totaling over 2.1 million square meters, as well as over 1,500 residential units, mainly in Washington and New York. The debt raising in Tel Aviv will be carried out through a new company established in the British Virgin Islands (BVI). Fisher is expected to inject into this entity its holdings in 10 residential and office properties, valued at $2.5 billion.
The company's assets include 5 office buildings in New York with an average occupancy rate of 83%. These generated annual revenues of about $437.5 million and an NOI of about $99.5 million last year. Additionally, the company holds three rental properties in Manhattan, Washington, and Miami, which include about 1,050 residential units with an average occupancy rate of 74%. These generated revenues of $22.9 million in 2025 and an NOI of $5.7 million.
The company ended 2025 with revenues of about $460.4 million, a decrease of 8% compared to 2024. Net profit stood at about $306 million, a 33% decrease from the previous year, mainly due to high asset revaluations during 2024.
Fisher Brothers' bonds will be issued without liens and are expected to receive a rating from S&P Maalot. Proceeds are intended for the payment of about $115 million for the acquisition of a partner's holdings in one of the properties, as well as for capital expenditures (CAPEX) and ongoing operations.
Sequence of BVI complications in Tel Aviv
The impending issuance comes in the shadow of negative events among BVI companies that raised debt in Tel Aviv. At the end of May, it was revealed that the controlling shareholders of Campers transferred about 100 million shekels from company coffers to their own pockets shortly after raising 620 million shekels. Last month, it turned out that Mike Cohen of Cohen Properties also took $9.6 million (about 30 million shekels) from company coffers to repay a private business loan.
Last week, the American real estate company GFI, under the control of Allen Gross, announced it could not meet obligations to bondholders (total debt of 262 million shekels) and requested a three-year postponement. The announcement led to a rapid drop in bond prices, causing them to trade at "junk" yields of hundreds of percent.
