Friedman Kapelner Shimkevitz David & Co. Real Estate Economics and Appraisal

Friedman Kapelner Shimkevitz David & Co. Real-estate Economics and Appraisal (BFKS) is a renowned Israeli Real Estate Appraisal firm founded in 1990, that includes a team of 6 partners and more than 60 professional employees. The firm provides comprehensive and innovative real estate appraisal solutions based on in-depth research and knowledge to all the relative segments. The firm takes pride in its high standard of professionalism, aspiration for excellence, creativity, and client satisfaction. The firm provides comprehensive Real Estate Appraisals and consulting services to a variety of leading companies and authorities. The seamless synergy between all the firm’s departments, and the level of dedication in delivering accurate, timely and comprehensive services to our clients, has helped the firm gain the trust of major organizations, publicly traded companies, institutions, insurance companies, local authorities, construction companies, banks and private individuals in Israel.

Areas of Expertise

Real Estate Appraisals for Credit Providers - BFKS specializes in valuations for the purpose of securing credit from financing entities in accordance with the provisions of Standard number 19. The firm is included in the appraisal lists of all commercial banks, insurance companies and other financing entities.

Real Estate Appraisals for Financial Reporting - BFKS regularly prepares Real Estate valuations for a diverse range of properties, which are then included in the financial statements and prospectuses of public companies and institutional investors, in accordance with the International Financial Reporting Standard. A notable amount of our valuations are published periodically on the Israeli Stock Exchange Website (“MAYA”).

Urban Renewal Projects (“Pinui-Binui”) - BFKS provides ongoing services for urban renewal projects in various cities, including TAMA 38 projects. BFKS Specializes in the preparation of Economic Feasibility Assessments (in compliance with Israeli Appraisal Standard 21), including preparation of balancing tables, Unification and Distribution, balancing residents’ considerations, betterment levies, etc.

Financial Supervision for Construction Projects - BFKS conducts Economic Feasibility Studies and “Zero Reports” and provides financial accompaniment and supervision services for all types of construction projects. BFKS is included in the approved supervisors’ lists of most of the leading banks and relevant financial institutes, and operates as a one-stop-shop in this segment. The firm’s clientele includes construction companies, private initiators and public entities.

Taxation services - The firm has extensive knowledge and experience in preparation of appeals to local authorities (betterment levy, expropriation, devaluation claims in accordance with section 197), to the ILA (capitalization fees, permit fees), the Tax Authority (betterment tax, purchase tax), and NTA (Impairment claims, expropriations, and Metro tax).

Accompaniment of Plans / Objections to Plans - BFKS accompanies landowners in the promotion of planning proceedings, while optimally utilizing the land. The firm has extensive knowledge in preparation of allocation and balancing tables intended for division of the rights between the landowners, supporting landowners in appeal proceedings until the final stages of the approval of a plan.

Unique Assets

Agricultural Sector - BFKS specializes in this area and servs as a consultant to Kibbutzim and Moshavim with respect to the division of estates and inheritances. The firm accumulated many years of experience and in-depth knowledge in handling expropriation and devaluation claims.
Infrastructures - BFKS advises and supports utilities and energy companies in various real-estate related topics such as taxation, betterment charges, ILA Permit fees, and valuations.

Urban Economics

The firm specializes, inter alia, in feasibility studies for urban renewal projects, analyses of economic implications of local and outline plans, development of employment, commercial and industrial areas and leading complex negotiations vis-à-vis government ministries. Yuval Arbel, Senior Economic Advisor, provides economic and managerial consulting to local authorities, municipal entities and government ministries, and helps in designing strategic plans and providing significant economic decisions.

The Partners

Moshe Friedman, Partner: A civil engineer providing advisory services to public real-estate companies, insurance companies, institutions and private entrepreneurs, and specializes in the preparation of business plans and feasibility studies, and valuations for financial statements (IFRS). Moshe has extensive experience in accompanying urban renewals plans until their full completion.

Nomi Kapelner, Partner: Serves as an expert consultant to private and public organizations on valuation issues, valuations for betterment charges, devaluations, supporting urban master plans and building preservations, and specializes in representation in proceedings under amendment 84, appeal committees and ILA objections. Nomi has extensive experience with respect to professional opinions submitted to the courts.

Michal Shimkevitz, Partner: Has expertise in representing private entities and developers before Deciding Appraisers under Amendment 84 (betterment charges), appeal committees, objections to ILA assessments, depreciation and expropriation claims. She has vast experience in valuation and pre-acquisition examinations. She also serves as a senior advisor for several local committees and private entities with respect to the preparation of zoning plans and objections thereof.

Raanan David, Partner: An economist (M.A.), Specializes in valuations for financial statements (IFRS) and prospectuses of public companies and institutional investors. He is an expert in the economic analysis of real-estate projects and feasibility studies for investment purposes.

Yoav Sheinkin, Partner: Head of the firm’s financial supervision practice. Yoav handles the preparation of zero reports, economic feasibility studies, and financial supervision of real estate projects. Additionally, he specializes in valuations of agricultural, infrastructure, and energy properties.