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Wharton Properties retries IPO on Tel Aviv bourse to raise US$100M

Wharton Properties is attempting to go public in Israel for the second time after suspending a similar plan in 2015, as it looks to raise US$100 million in an IPO of securities, CoStar Group reported.

The company seeks to join other New York-based property owners who have raised capital on the Tel Aviv Stock Exchange since 2014, including The Related Cos., Extell Ltd., Moinian Group, Spencer Equity Group and The Leser Group.

Wharton's property portfolio has expanded to more than 120 assets across New York's metro area in the last 25 years. Jeff Sutton, who owns the company, plans to transfer 18 of those properties into a new entity called Wharton Properties (BVI) Ltd., according to the Dec. 14 report.

The company also recently secured a US$101 million bank loan to refinance its retail building at 21 W. 34th St. in Manhattan, N.Y.