Israeli businessman Eliezer Fishman is investing $50 million in rent-generating real estate overseas through Tel Aviv Stock Exchange-listed Jerusalem Economic Corporation.

Several Israeli firms invest in rental real estate outside Israel, including Delek Belrom International ¿ a privately-held company controlled by businessman Yitzhak Tshuva, and the TASE-listed Gazit-Globe and Alony Hetz Properties & Investments.

Jerusalem Economic Corporation today said that its board resolved on Monday to invest $50 million in rental real estate outside Israel. This sum does not include non-recourse loans from banks, the company stated.

A week ago JEC posted NIS 114.6 million revenue for the third quarter, 30% below the parallel, for which it reported NIS 163.6 million revenue. The drop is largely due to plunging sales of housing to NIS 13.1 million. Revenue from rent grew to NIS 93.5 million, 8% above the parallel, after the company leased new buildings.

As of January, revenue dropped to NIS 333.6 million, compared with NIS 347.9 million for the same period last year. Net profit for the nine months fell 64% from the parallel to NIS 13.3 million.

Meanwhile, JEC has announced an interim dividend of NIS 24 million. Investors will receive 53.7 agorot per share. The record date is December 11, and the closing day is December 12. The dividends are to be distributed on December 26.

The firm confirmed earlier reports that Oded Shamir will be replacing CEO David Moshkovitz, effective January 2002.