Adam Neumann-backed Canada Global buys 74 dunams in Miami for $70.5M
Adam Neumann-backed Canada Global buys 74 dunams in Miami for $70.5M
The Tel Aviv-listed company eyes a major residential project with 2,400 apartments in the pipeline.
Canada Global, a real estate company controlled by Adam Neumann, Assaf Tuchmair, and Barak Rosen, is purchasing 74 dunams of land in Miami for $70.5 million. The land is designated for the construction of 2,400 apartments. Calcalist has learned that the deal was finalized on Tuesday following a bidding process conducted by court-appointed trustees. Canada Global is traded on the Tel Aviv Stock Exchange at a valuation of 684 million shekels.
In September, Adam Neumann, through his company Flow, acquired 30% of Canada Global's shares with an investment of 99 million shekels, alongside venture capital firm Andreessen Horowitz. Rosen and Tuchmair each hold a 29% stake in the company. Another notable investor in Canada Global is Assaf Rappaport, co-founder of Wiz, who owns a 1% stake.
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From left: Adam Neumann, Assaf Tuchmair, Barak Rosen.
(Eldad Rafaeli, Shahar Azran/Getty Images)
This is the second major deal for Canada Global and Neumann in the U.S. In November, Canada Global (70%) and Flow (30%) jointly purchased a 42-dunam property in Aventura, near Miami, for $116 million. The property includes three office buildings spanning approximately 24,000 square meters.
