DALLAS--(BUSINESS WIRE)--Southern Properties Capital (SPC), a subsidiary of Dallas-based real estate investment company Transcontinental Realty Investors, Inc. (NYSE: TCI), is pleased to announce its newly elected Independent External Director, Mr. Ehud Erez.
The Company's Audit Committee recently confirmed that Mr. Ehud Erez complies with the criteria required for appointment as a non-external independent director of the Company, as well as a member of the Audit, Remuneration and Balance sheet Committees.
With decades of experience, Mr. Erez is an economist and a highly regarded real estate investment manager active in the US and Canadian real estate markets. Mr. Erez received his B.A. degree in economics and accounting from Hebrew University of Jerusalem. He is a Certified Public Accountant and has lectured on advanced accounting issues at his alma mater and is the author of several articles and textbooks.
In 2001, Mr. Erez was appointed as the CEO OF ELAD CANADA INC, one of the leading real estate companies in Canada. Among the highlights of his tenure, Mr. Erez successfully negotiated and closed the MetCap residential portfolio - one of the largest residential acquisitions in Canadian history. Mr. Erez was responsible for acquiring 18,000 residential units and 7 million SF of residential, commercial and retail space throughout Canada.
After completing his position in Canada, Udi served as the CEO of Elad Group (2014-2011) one of the leading and most active development companies in Manhattan. During his tenure as CEO, he supervised the purchase of two mixed-use projects, totaling approximately 1.5 million SF, with over 500 residential units, office and retail space.
Most recently, Mr. Erez serves as a Board member of Extell Limited, Luzon Group, MRR Thirteen, AII Year Holdings and is chairman of Mishorim Investments. All are public companies traded in the TSE.
About Southern Properties Capital
Southern Properties Capital operates primarily in Texas and specializes in Class A multifamily assets in emerging markets throughout the Southern United States, corresponding with both sustainable and viable economic growth activity. The issuing entity is backed by over 3,000 multi-family units (out of a total of approximately 8,000 owned and operated by TCI), as well as over 1.5 million square feet office buildings in Texas. The company has already used funds to acquire additional multi-family assets within its strategic footprint, and expects significant expansion by continuing to utilize the Israeli bond platform.
About Transcontinental Realty Investors
Transcontinental Realty Investors maintains a strong emphasis on creating greater shareholder value through acquisition, financing, operation, development, and sale of real estate across every geographic region in the United States. A New York Stock Exchange company, Transcontinental is traded under the symbol "TCI". Transcontinental produces revenue through the ownership and professional management of income producing apartments and office buildings that are "undervalued" or "underperforming" at the time of acquisition. Value is added under Transcontinental ownership, and the properties are repositioned into higher classifications through physical improvements and improved management. Transcontinental has dramatically expanded its development capabilities associated with luxury apartment homes through its wholly owned subsidiary Abode Properties, principally on land it owns or acquires.
