Hagag Development Europe launches IPO to finance Romanian projects

Real estate developer Hagag Development Europe, part of Hagag Group, has launched an initial public offering (IPO) on the stock exchange in Tel Aviv.

The value of the IPO stands at EUR 15 million and the company said it would use the funding to finance its property investments in Romania. The management of the company doesn’t exclude its listing on other stock exchanges in Europe.

The real estate developer has a project pipeline of more than EUR 150 million in Bucharest, including the development of a residential project in Pipera and the acquisition of land.