Hamat 2025: How Much the Real Estate Cushion Is Worth and How Much of It Is Actually Accessible
Hamat's real-estate support is real, but the filings show a meaningful gap between the 138.4 million NIS investment-property line and the value that is actually accessible after tax, time, and additional capital. Be'er Sheva is still a leasing-and-rezoning story, while the new Rishon LeZion asset is currently more of an operating capital use than immediate liquidity.
Now that the broader 2025 read on Hamat is already on the table, it makes sense to isolate the real-estate layer. On the balance-sheet slide, 138 million NIS of investment property looks like a comfortable cushion against 221 million NIS of net financial debt, and the presentation even shows net financial debt adjusted for real estate of 83 million NIS. But a real-estate cushion is not one number. There is a real gap here between accounting value, after-tax value, and value that is actually accessible to shareholders in anything close to the visible horizon.
The four non-obvious points are these:
- The 138.388 million NIS investment-property line is not just the Be'er Sheva asset. Note 9 shows that in 2025 another 3.388 million NIS was added through the reclassification of a residential apartment that had been purchased earlier, so the Be'er Sheva property itself was valued at 135 million NIS.
- The 135 million NIS in Be'er Sheva is fair value, not ready cash. Only an immaterial part of the site is currently leased, the company is still trying to lease additional space and is still in rezoning proceedings, and the valuation itself relies on comparable transactions, expectations derived from the approved comprehensive plan, and discounted cash flows at about 6%.
- There is also a material deferred-tax layer attached to that line. Note 20 shows a 31.05 million NIS deferred-tax liability on investment property, so the gross value is not the same thing as what is left for shareholders if a monetization event eventually happens.
- The new Rishon LeZion asset adds strategy, not immediate liquidity. This is a roughly 30 million NIS post-balance-sheet commitment for a roughly 1,800 square meter commercial property meant to serve as a unified showroom hub for the group's brands, but as of the financial-statement approval date, the fit-out and adaptation work was still unfinished.
What actually sits inside the real-estate cushion
The presentation encourages the reader to think about real estate as a broader store of value than the investment-property line alone. It shows Be'er Sheva, Ashdod, and New Jersey on the same page. The problem is that these assets do not sit in the same accounting layer, and they do not have the same level of accessibility.
| Layer | Amount | How it is presented | Why it matters |
|---|---|---|---|
| Be'er Sheva | 135 million NIS | Investment property, fair value | This is the core balance-sheet cushion |
| Apartment reclassified in 2025 | 3.388 million NIS | Investment property | This is what lifts the line to 138.388 million NIS |
| Ashdod | About 120 million NIS | Fixed assets, cost model, management estimate in the presentation | This is a different level of accounting certainty |
| New Jersey | About $10 million | Fixed assets, cost model, broker estimate in the presentation | This is also not part of the investment-property line |
That distinction matters. The audited cushion in the consolidated statements is mainly Be'er Sheva, plus a relatively small apartment layer. Any reader who automatically adds Ashdod and New Jersey to the same bucket is mixing fair-value investment property with fixed assets still carried under the cost model and framed through management estimates.
Be'er Sheva: real value, but still filtered through time and assumptions
The Be'er Sheva asset is land of about 83 dunams gross, or about 72 dunams net after road expropriations, on Eliyahu Nawi Street. It used to serve Harsa's manufacturing activity. Today, only an immaterial part is leased to a third party. At the same time, the company is trying to lease additional areas and is in the process of changing the zoning plan. The economic definition that emerges from the note is clear: this is an asset being held for long-term capital appreciation, with some attempt to produce rental income in the interim.
That is why the 135 million NIS number needs to be read correctly. It is backed by an independent external valuation, but it is not equivalent to a signed sale price. The valuation rests on three things at once: recent comparable transactions in similar locations, an expectation derived from the approved comprehensive plan in whose area the land sits, and estimated future cash flows discounted at about 6%. In other words, even inside the fair value itself there is already a layer of time, planning, and assumptions.
The way the line grew in 2025 matters too. Of the move from 130 million NIS to 138.388 million NIS, about 3.388 million NIS came from the apartment reclassification, and only 5 million NIS came from the fair-value gain recognized through profit and loss. That means part of the cushion got stronger through accounting, not through cash.
From gross value to accessible value
This is where the real gap sits. The presentation shows 221 million NIS of net financial debt, and against that it shows net financial debt adjusted for real estate of 83 million NIS. That math is arithmetically correct because it nets the full gross investment-property line. Economically, though, it is a generous read because it ignores the deferred tax already sitting on top of that layer.
Note 20 shows a 31.05 million NIS deferred-tax liability on investment property. So a more conservative bridge looks like this: 138.388 million NIS of investment property, less 31.05 million NIS of deferred tax, leaves about 107.338 million NIS. Put differently, if the real-estate cushion is read through an after-tax lens, adjusted net financial debt does not fall to 83 million NIS. It falls to about 113.7 million NIS, before any selling costs, time, or execution friction.
That does not make the real estate unimportant. Even after tax, it remains a material balance-sheet support layer. But it changes the type of support. It is less of a liquid cushion and more of an asset that can soften the leverage read if and when it turns into a concrete monetization move. That distinction matters even more because the presentation also shows only 27 million NIS of liquid means and a current ratio of 0.94. That does not, by itself, prove a liquidity problem, but it does remind the reader that real estate and cash are two different questions.
Rishon LeZion: a new operating asset, not a monetization layer
On January 20, 2026, Hamat signed to acquire rights in a commercial property at the Gigi's complex in Rishon LeZion, roughly 1,800 square meters in size, for total consideration of about 30 million NIS. The annual report and the presentation describe it as a central unified showroom for the group's brands, including Mitbachi Ziv and Alony, as part of a broader synergy move between showrooms and a stronger branded retail footprint.
The important point is not only what the asset is supposed to become, but what it still is not. As of the approval date of the financial statements, the completion, design, and adaptation work was still unfinished, with completion expected during 2026. So economically, at this stage, Rishon LeZion looks more like an operating capital use than a fresh liquidity cushion. If the move works, it can strengthen sales, improve the brand experience, and concentrate activity. But before that happens, it absorbs capital and still needs to be completed.
And that is exactly where it is easy to over-read the story. Be'er Sheva and Rishon LeZion are not the same layer of value. Be'er Sheva currently sits in investment property held for capital appreciation and some interim rental income. Rishon LeZion is a newly acquired commercial property meant to serve the operating business. The first tries to create a balance-sheet cushion. The second, if successful, should improve the economics of the retail and kitchen activity. Putting both inside one bucket of immediately accessible real-estate value is too generous.
Conclusion
Hamat's real estate is real, but it is not liquid to the same degree that the headline slide can imply. The first number to remember is not only 138.4 million NIS, but the split underneath it: 135 million NIS in Be'er Sheva, 3.388 million NIS from an apartment that was reclassified, and 31.05 million NIS of deferred tax sitting on that investment layer.
That makes the thesis sharper. Hamat has a real-estate cushion, but it is a balance-sheet cushion before it is a cash cushion. Be'er Sheva still has to move from immaterial rent and planning upside into value that can truly be captured. Rishon LeZion, by contrast, is currently a capital-allocation move meant to improve synergy and showroom quality, not a mechanism that increases liquidity.
If future filings show concrete progress in leasing, planning, or monetizing Be'er Sheva, the cushion read strengthens. If not, that value remains mainly support on paper, important but less accessible than the gross headline in the presentation suggests.
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