SAPIR CORP LTD

Sapir Corp Ltd, formerly Asrr Capital Ltd, is an Israel-based holding company that invests in real estate activities. The Company operates mainly in the United States, holding a portfolio of Multi Family assets. EGRE Ltd also holds one mixed-use property in Germany. The Company operates mainly by itself or with other investors and operators. It is engaged in acquiring, operating, managing, leasing, developing, redeveloping, repositioning and improving the performance of real estate properties. The Company owns properties in Israel, Germany and the United States. The Company holds a 33% interest in Denisra Ranitech, which holds a real estate property in Kiryat Ekron, Israel. The Company holds an approximate 26% share of the rights in eight complexes in Virginia, as well as six residential complexes in Baltimore. In addition EGRE Ltd holds approximately 10% interest in Barthonia Forum, a real estate property in Germany, which includes commercial areas, retail areas and residential areas.