Skip to content
Shavnu
DevelopersIsrael Canada

Israel Canada

ישראל קנדה

Israel Canada, a Tel Aviv-listed developer and hotel operator, is building RAINBOW on Eshkol lot 111, bought for about ₪1.3B in 2021: 459 homes in a tower and six boutique buildings, under construction by Ashtrom since January 2026. By August 2026 it had sold 275 homes, only seven of them in the first half of 2026, and it cut the project's expected margin to 19 per cent. Through its wholly owned vehicle Pangaea Sde Dov it also won municipal lot 306 in August 2024 for ₪126.8M, where it markets offices and retail as Rainbow Hub.

The company

Legal name
ישראל-קנדה (ט.ר) בע"מ
Founded
1995 as the brokerage Penthouse Nadlan; the public vehicle was registered in 2006 under the name Pangaea Nadlan and later renamed. One TASE profile gives 1986 instead, which could not be reconciled against the 1995 date.
Founders
Barak Rosen, chief executive, and Asaf Tuchmayer, chairman
Head office
2 HaManofim Street, Herzliya Pituach
Listed
TASE: ISCN
Ownership
Rosen and Tuchmayer hold about 15 per cent each, with a public float near 51.7 per cent.
Scale
Market capitalisation fell from about ₪5.24B on 7 September 2026 to about ₪4.81B on 14 September 2026. Total debt is around ₪6.67B, rated ilA minus with a positive outlook by S&P Maalot. 2025 revenue was ₪1.14B, up 47.1 per cent, with net profit of ₪0.7M consolidated and ₪28.8M attributable to shareholders (Globes and TV10, 24 March 2026). In the first half of 2026 it sold 142 homes for about ₪771M across all projects and posted a net loss of about ₪36M, mostly from hotels (Globes, 27 August 2026).
Elsewhere
  • Israel Canada Hotels: completed the Brown Hotels acquisition in April 2025 and reported about 4,400 rooms in 38 hotels in Israel, Greece and Cyprus in March 2026
  • Midtown Jerusalem: 695 homes, 284 sold by mid-2026 (Globes, 27 August 2026)
  • Vertical City, Bursa district, Ramat Gan: offices, about 39 per cent sold, completion expected 2031 (Bizportal, 29 May 2026)
  • A merger with Acro announced in February 2026 at a combined value of about ₪10B, 60 per cent in shares and 40 per cent in cash (Globes, 27 August 2026)
  • Bought about 21 dunam in north Herzliya for ₪120M, December 2024
  • Land investment in Poland and Russia, hotel management, and purchase-group management including the Da Vinci project
Not to be confused with
Israel Canada (ישראל קנדה, TASE: ISCN) is the listed parent. Israel Canada Hotels, listed separately since November 2025, is its hotel arm, and ICR is its luxury-residential subsidiary. The company was called Pangaea Real Estate until 2013, and the vehicle that won municipal lot 306, Pangaea Sde Dov Offices, is wholly owned by it. On its site the Sde Dov homes are RAINBOW and the lot 306 offices are Rainbow Hub; they are different lots.

What a buyer from abroad should know

Two governance matters are on the public record and neither is summarised in English anywhere: a Tel Aviv district court approved a derivative lawsuit against the controlling shareholders, and the Israel Securities Authority fined Barak Rosen ₪250,000 over a misleading disclosure. Separately, the company's own sales reporting for RAINBOW shows a sharp slowdown through 2026.

What it paid, and for what

Every recorded acquisition in the district, with the source for each.

Timeline

On the record

Published facts a buyer would want before signing. Each carries its source.

Lot 306: a wholly owned vehicle, won below the municipal estimate

Lot 306 was won by Pangaea Sde Dov Offices. Globes reported in August 2024 that a registered partner of the winner, Pangaea Israel (T.R.), shares Israel Canada's head-office address and has Barak Rosen as a director. Israel Canada then told the Securities Authority that the winner is wholly owned and controlled by Israel Canada, so it is a group subsidiary rather than an outside related party. The bid of ₪126,777,999 was about 11 per cent below the municipal estimate of ₪142M. Eight parties attended the bidders' meeting but only two bid; the other, the JTLV3 fund, offered ₪40.2M. The tender committee's chair called the bids significantly lower than expected. Half the price was due within 45 days and the rest within a further 60 days.

Court-approved derivative action and a securities fine

A Tel Aviv district court approved a derivative lawsuit against the controlling shareholders, and the Israel Securities Authority fined Barak Rosen ₪250,000 for a misleading disclosure. A June 2026 exchange filing connected to a proposed Acro transaction flagged weak 2025 hospitality and development results, low interest coverage and high debt to EBITDA.

RAINBOW sales stalled in 2026 and the expected margin was cut

RAINBOW sold seven homes in the first half of 2026, three of them in the second quarter, against 59 in 2025 and 99 in 2024. The average price in second-quarter sales was ₪80,500 per sqm, down from ₪83,200 in the first quarter and ₪85,600 across 2025; five more homes sold after the quarter at ₪82,200. The company cut the project's expected profit rate to 19 per cent, from 20 per cent in 2025 and 23 per cent in 2024. Across the group it recorded a financing component of about ₪146M on sales made with favourable payment terms, and four sale agreements worth about ₪15M were cancelled in the period.

Where sources disagree

Published figures that do not match. Both readings are given rather than one being chosen.

How many apartments does RAINBOW contain, and how many have sold?

The developer's own page and reports now use 459; 480 was the tender figure. Bizportal and Globes both give 275 sold, at the end of March and at the end of June 2026, although three homes sold in between; neither explains the gap, which may reflect cancellations.

What were Israel Canada's 2025 revenues?

The profit figures do not conflict: ₪0.7M consolidated and ₪28.8M attributable come from the same annual report, the difference being minority interests. The revenue figure is the open question: Wikipedia's ₪871M does not match the ₪1.14B both news reports give.

Projects

RAINBOW Tel Aviv renderingRepresentation, after: Israel CanadaLot 111
RAINBOW Tel Aviv
Israel Canada · Eshkol · 459 homes
Under construction

In the news

  • Globes
    Globes: how many Sde Dov homes actually sold in the first half of 2026

    Globes: seven projects are now marketing in the district, with first occupancy still expected in 2029. RAINBOW sold 7 homes in the first half of 2026, 3 of them in the second quarter, against 59 in all of 2025 and 99 in 2024, and DIMRI YAMA had sold about 41 of its 458 homes. Hagag's sales and marketing costs rose to ₪10.8 million in the half, from ₪4.2 million a year earlier.

  • Bizportal
    Listed Sde Dov prices hold at ₪75,000 to ₪85,000 per sqm, but financing offers hide a discount

    Bizportal: developers' first-quarter 2026 filings show a slowing sales pace and financing offers worth a hidden 6 to 8% off the listed price. Israel Canada reported an average of about ₪85,700 per sqm including VAT. ZOHI reported a headline average of ₪64,700 per sqm, which falls to about ₪60,900 once the financing discount is taken out.

  • Globes
    Israel Canada's sales rose in the first quarter, but RAINBOW sold four homes

    Globes: Israel Canada sold 86 apartments across the company in the first quarter of 2026, up from 76, but only 4 at RAINBOW, for about ₪22 million. RAINBOW's average price since launch reached ₪81,782 per sqm at the end of the quarter, against ₪81,704 at the end of 2025 and ₪80,493 at the end of 2024.

  • Globes
    The financial reports reveal: apartment sales in Sde Dov have stalled

    Q1 filings show the sales pace collapsing. Israel Canada had sold about 300 units at an average of ₪85,700 per sqm.

  • Mako
    Sde Dov: two projects worth NIS 1.8B go to execution

    Mako reports Rainbow moving to execution with Ashtrom as contractor, works from January 2026, the project about 70% pre-sold.

Sources

Everything on this page traces to one of these.

Ask about Israel Canada's projects

We answer by email, independently, with sourced facts from the field.