Brickstone funding passes goal for J’lem vault

The value of the complex after it begins operating is expected to reach NIS 60m.

By JERUSALEM POST STAFF
August 28, 2019 21:20
1 minute read.
Brickstone funding passes goal for J’lem vault

DVIR INDIG, CEO of Brickstone. . (photo credit: MORAG BITAN)

The Brickstone vaults company’s crowdfunding campaign was successful in raising NIS 3.25 million for its Jerusalem safe deposit box center, exceeding its September 1 goal of NIS 3m.

Dvir Indig, CEO of Brickstone, said the campaign’s success builds on the successful operation of the Brickstone complex in Tel Aviv, which was established three years ago and is the first private safe deposit box center in Israel.

The value of the complex after it begins operating is expected to reach NIS 60m.

The vault in Jerusalem will consist of about 4,000 safe deposit boxes, and when activated will generate a profit of NIS 6m. every year.

The investment in the company is recorded as a 4% interest-bearing loan, which will be repaid in six years with a full guarantee from Brickstone.

In other words, once the Jerusalem branch is fully leased, an investment of NIS 10,000 is expected to generate, after the repayment of the principal and the guaranteed interest rate, a yield of NIS 4,000 each year.

In addition, all investors will receive a VIP ticket according to the amount of their investment, which will give them a lifetime discount on a personal safe rental at one of the Brickstone branches of their choice.

Brickstone is owned by Indig, and the company intends to establish 10 private safe deposit box centers throughout the country over the next 10 years as a solution for the closing of banks’ safe deposit boxes.

Some 170 people took part in the crowdfunding. The campaign was done through Headstart’s Fundit and Poalim IBI.


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