On Nov. 22, UK Chancellor Phillip Hammond announced dramatic changes to the UK real estate market in the 2017 Budget. The Government has announced an intention to extend the scope of UK tax so that disposals of all UK commercial and residential property by non-resident companies, JPUTs, individuals, and other persons are subject to UK tax with effect from April 2019. In addition, the Budget proposes to extend the UK tax net to profits derived by non-residents on disposals of companies, JPUTs and other vehicles, including REITs and funds, which derive over 75 percent of their gross value from UK property. Companies will be subject to corporation tax and other non-residents will be subject to capital gains tax.
“We are honored to be able to welcome the delegation, which is exploring ways to increase business between Miami and Israel,” said Joey T. Shabot, Operating Shareholder of Greenberg Traurig’s Tel Aviv office and a member of the firm’s Mergers & Acquisitions Practice. “Given our firm’s strong ties in both communities, we are thrilled to encourage a dialogue that we hope will be beneficial to all.”
Shabot co-hosted the event, along with Tel Aviv office attorneys Lawrence Sternthal, Adam Snukal, Ephraim Schmeidler and Devora Y. Snyder. Other Greenberg Traurig attorneys in attendance were Shareholders Kerri L. Barsh, Robert L. Grossman, and Richard N. Bernstein from the Miami office; Shareholder Steven M. Felsenstein from the Philadelphia office; and Shareholder Jolanta Nowakowska-Zimoch from the Warsaw office.
Miami-Dade Mayor Carlos Giménez led the delegation, which was an effort to continue building bridges toward increased cooperation and business activities between Miami and Israel and to celebrate El Al Airline’s Nov. 1, 2017 launch of direct flights to Miami International Airport.
Greenberg Traurig is the only major international law firm with a multidisciplinary, registered office in Tel Aviv. The office acts as a gateway for Israeli businesses and entrepreneurs seeking legal counsel in relation to opportunities in the Americas, Europe, Asia, and throughout the world as well as for companies exploring opportunities within Israel. The Tel Aviv location offers clients the global reach of Greenberg Traurig’s international network, connecting Israel to major commercial centers across the globe.
Greenberg Traurig clients from a variety of industries attended the event, including representatives of Israeli companies active in the water, transportation, real estate, and security businesses.
Members of the Miami delegation who attended the event also included Miami-Dade County Commissioner Sally Heyman; Director of Miami-Dade Water and Sewer Services Lester Sola; Miami-Dade County Chief of Police Juan Perez; Director of Port Miami Juan Kuryla; and Miami-Dade County Mayor’s Chief of Staff Alex Ferro.
As recently reported by the Virginia governor’s website (September 2017), Greenberg Traurig’s client Oran Safety Glass (OSG) announced a $4.45 million expansion through its Emporia plant located in Virginia, adding 55 jobs to the plant. Virginia Governor Terry McAuliffe joined the company leaders in making the announcement last month in Virginia. OSG was founded in Israel in the late 1970’s and specializes in glass manufacturing. The company expanded its operations to Virginia in 2006.
A team of Greenberg Traurig attorneys recently represented Intec Pharma Ltd. (NASDAQ and TASE: NTEC) on the closing of its offering of approximately 12.2 million of its ordinary shares, at a public offering price of $4.70 per ordinary share, which included a full exercise by the underwriters of their over-allotment option in the amount of 1,594,500 ordinary shares, for gross proceeds of approximately $57.5 million, before deducting underwriting discounts and commissions and other estimated offering expenses.
Intec Pharma intends to use the net proceeds from the offering to fund its Phase III clinical trial for Accordion Pill Carbidopa/Levodopa, the company’s leading product candidate for the indication of treatment of Parkinson’s disease symptoms in advanced Parkinson’s disease patients, for working capital and for general corporate purposes.
The GT Deal Team included:
Robert Grossman, Corporate & Securities, (Miami); Joshua Samek, Corporate & Securities (Miami); Ilya Ross, Corporate & Securities (Boston); Eliott Rimon, Corporate & Securities, (Miami); Barry Schindler, IP-Prosecution, (New Jersey); Natalie Salem, IP-Prosecution, (Boston); Seth Entin, Tax, (Miami); and Ephraim Schmeidler, Corporate & Securities, (Tel Aviv).
Greenberg Traurig’s Tel Aviv and Germany offices jointly advised a group of Israeli institutional investors who acquired the Eschborn Plaza office complex in a joint venture lead by Aurec Capital. The group was comprised of Migdal Insurance Group, Bank Leumi Pension Fund, and IDI Insurance Company as well as a leading Israeli provident and pension fund.
The landmark building, located near Frankfurt am Main, Germany, was purchased for EUR 236 million from two closed-ended funds managed by Commerz Real. The property includes approximately 42,000 square meters of office space and its main tenant, a large auditing firm, has
Greenberg Traurig represented the Israeli institutional investors in all legal matters regarding the joint venture, acquisition and financing.
Our Tel Aviv office’s International Real Estate Practice led by Lawrence Sternthal regularly advises the Migdal Group and represents a number of Israeli institutional investors (pension funds and insurance companies) in cross-border real estate activities. This transaction marks GT’s first major Israeli-German cross-border real estate acquisition.
GT legal team to advise on this matter:
Shareholders: Lawrence Sternthal (lead attorney, Israel, Real Estate/Joint Venture), Dr. Christian Schede (lead attorney, Germany, Real Estate/M&A), Claudia Hard (Finance)
Associates: Devora Y. Snyder (Israel, Real Estate/Joint Venture), Martin Dobias, Dr. Johannes Steinfort (both Germany, Real Estate/M&A)
GT wishes everyone celebrating a joyous and prosperous new year. Shana Tova!
Israelis with real estate investments in Florida are now beginning to assess the damage caused to their properties by Hurricane Irma. Lawrence Sternthal, International Real Estate Shareholder in Greenberg Traurig’s Tel Aviv office, shared with TheMarker Magazine what Israeli investors should consider when examining their home insurance coverage and the challenges foreign investors will face in repairing their properties from overseas.
A Greenberg Traurig team of attorneys in Tel Aviv, Fort Lauderdale, Miami, Boston, and New York recently represented BioTelemetry Inc., a publicly traded company based in Pennsylvania, in its $280 million purchase of Switzerland’s LifeWatch AG, a health care technology company.
LifeWatch AG began its way as an Israeli entity in the 1990s and became a public Swiss company in 2001. As such, some of the company’s shareholders resided in Israel. To read more about the deal, click here to read the full article in Daily Business Review (subscription only).
The end of August was a special time for Greenberg Traurig, as we celebrated Hilarie Bass taking over as the President of the American Bar Association. Hilarie is a shareholder in our Miami office and is the Co-President of the firm. Hilarie has visited our Tel Aviv office a numbers of times since its opening in 2012, including in 2015 when the firm was a co-sponsor of the Israel Bar Association annual conference in Eilat and in 2016 when she led ACC’s Israel Chapter’s Women’s Parliament meeting. Hilarie intends to focus her presidency on a number of key initiatives including reforming legal education; advancing women in the law; establishing a legal fact check program; and addressing the legal needs of homeless youth.Click here to watch her inspiring speech to the ABA House of delegates during the ABA annual meeting in New York.
Click on the links below for a small sampling of the many media outlets that have been writing about Hilarie and her initiatives :
Miami lawyer is named president of American Bar — Miami Herald
ABA creates fact checker website for legal issues in the news — Bloomberg Big Law Business