The intriguing mathematics that turns Manhattan properties into Israeli shekels
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WHAT do Israeli investors know about retirement homes in Indiana state in the US? Enough to lend them 265 million shekels (S$95 million).
Strawberry Fields, a real estate investment trust (Reit) whose facilities cater to Alzheimer's sufferers in the Midwest, is the latest of at least 14 US property companies that have borrowed a combined 8.1 billion shekels in the Israeli market since 2008, securing interest rates they could only dream of at home.
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