Tigbur: How Much of the Real Estate Value Is Actually Reachable by Shareholders
Tigbur’s real-estate layer looks larger on the balance sheet than in the income statement. At the end of 2025 investment property stood at NIS 77.2 million, but most NOI came from Hadera, while most revaluation gains came from David Hachmi, where shareholder access still depends on permits, levy, and execution.
The main article already framed Tigbur’s real-estate layer as a small revenue contributor but a meaningful part of the asset story. This follow-up isolates the question that the headline number does not answer: how much of that value is actually close to shareholders, and how much is still accounting value, operating value, or value that depends on several more steps before it can really be reached.
The short answer is that not every NIS 77.2 million of investment property is equally accessible. Hadera is the cleanest accessible layer because it already produces rent and NOI. Pinzker has value, but a large part of it serves Tigbur’s own operations rather than creating a separate cash-yielding layer for shareholders today. David Hachmi is different again: most of the 2025 uplift there came from revaluation, while the land produced almost no NOI and still has permits, levy, and execution ahead of it.
Four points matter upfront:
- First finding: Hadera holds 67.5% of investment-property value, but 84.5% of the NOI generated by this layer.
- Second finding: David Hachmi holds 24.7% of investment-property value, but only 0.7% of NOI. By contrast, it contributed 89.5% of 2025 revaluation gains.
- Third finding: the presentation shows Pinzker at NIS 15.1 million on a 100% asset basis, but the investment-property tables attribute only NIS 6.0 million to the office slice because 60% of the building is used by Tigbur itself.
- Fourth finding: the expected betterment levy at David Hachmi for office use stands at NIS 16.0 million, almost as large as the fair value currently attributed to the land, even before construction cost and time.
Where the value really sits
The key number for the real-estate layer at the end of 2025 is NIS 77.2 million of fair value. Against that stand NIS 2.983 million of revenue and NIS 2.84 million of NOI. That is the heart of the issue. In Tigbur’s real estate, the balance sheet looks much bigger than the income statement, so anyone trying to translate this into shareholder-reachable value has to break the layer down asset by asset.
| Asset | Fair value at end of 2025 | 2025 NOI | What is accessible today | What still blocks access |
|---|---|---|---|---|
| Hadera nursing home | NIS 52.1 million | NIS 2.4 million | Signed lease, full occupancy, already producing cash | One tenant carries all of the property’s revenue |
| Pinzker building | NIS 6.0 million as investment property, versus NIS 15.1 million for 100% of the asset in the presentation | NIS 0.42 million | The externally leased slice already exists and produces NOI | 60% of the building serves Tigbur’s Tel Aviv branch |
| David Hachmi land | NIS 19.1 million | NIS 0.02 million | Development upside in a Tel Aviv office project | Permits, expected NIS 16.0 million betterment levy, execution time, and construction cost |
The table shows why it is too loose to speak about "real-estate value" as a single block. Hadera is a working asset. Pinzker is a mixed asset, partly working for shareholders and partly working for operations. David Hachmi is primarily a development option.
Hadera: the genuinely accessible layer
The Hadera nursing home is the asset that comes closest to the phrase "reachable value." At the end of 2025 it was valued at NIS 52.1 million, generated NIS 2.52 million of revenue and NIS 2.4 million of NOI, with 100% occupancy and a 4.8% actual yield. The lease was signed in May 2021 for 10 years, with two additional 5-year extension options, and by the end of 2025 15.5 years of lease term remained including the options. No liens or material legal restrictions were disclosed for the asset.
This is not a layer that requires the reader to imagine a scenario. It already exists, is already leased, and already produces almost all of the real-estate NOI. At the same time, even here there is concentration: one tenant accounts for 100% of the property’s revenue. So this is accessible value, but it is also concentrated value.
In practical terms, anyone looking for Tigbur’s real-estate anchor should start with Hadera, not with David Hachmi. It is the only asset in this layer that currently converts fair value into recurring income in a relatively clean way.
Pinzker: value exists, but not all of it belongs to the rental layer
Pinzker is exactly where valuation language can mislead. On one hand, the presentation shows NIS 15.1 million for 100% of the asset. On the other hand, this is a five-floor office building of roughly 870 square meters, of which 60% serves Tigbur’s Tel Aviv branch and only 40% is leased to external tenants.
That is also why the investment-property breakdown attributes only NIS 6.0 million of fair value and NIS 420 thousand of NOI to the office slice. This is not a contradiction. It means that a large part of Pinzker’s economic value currently functions as internal operating infrastructure, not as a stand-alone rent-producing layer for shareholders.
The implication is straightforward. Pinzker is worth more than the NOI line alone suggests, but that value is not fully reachable without another step. As long as 60% of the building remains in Tigbur’s own use, this is an asset that supports operations and flexibility, not an asset whose full value is sitting there as current shareholder cash or a simple monetization layer.
David Hachmi: most of the uplift is still far from shareholders
If Hadera is the example of accessible value, David Hachmi is the example of value created but not yet opened. The land served as a parking lot until June 30, 2025, and from that point it became vacant and fenced as part of the preparation for construction. Under the plan, the combined site can support a tower of roughly 63 thousand square meters above ground, with Tigbur’s share at about 8,110 square meters above ground, including 482 square meters of public space. In January 2026 an application for excavation and shoring approval was opened and moved into spatial review, while the partners are also working toward a full permit application.
But there is still a long distance between that and shareholder-accessible value. The company estimates that excavation and shoring will begin only toward the end of 2026, after which construction would begin and then continue for about four years from the construction start date, assuming no delay in the full permit. Beyond that, the expected betterment levy attributable to the company for office use stood at NIS 16.0 million as of December 31, 2025.
This is where the gap between "value created" and "value opened" becomes sharp. David Hachmi carried NIS 19.1 million of fair value, but only NIS 20 thousand of NOI in 2025. Yet the same asset supplied NIS 1.4 million out of NIS 1.8 million of revaluation gains across the entire real-estate layer.
So David Hachmi is not currently a rent story. It is a development option. That option may have real value, especially in a high-demand Tel Aviv location, but it is still contingent on permits, time, partners, betterment levy, and later construction outlays. Reading the current NIS 19.1 million as if it were already liquid shareholder value is too aggressive.
What is left for shareholders
The bottom line is simpler than the headline. Tigbur’s real-estate layer is not fictional, but it is also not a hidden cash box waiting to be opened. Hadera is the bulk of accessible value because it already translates into contract, NOI, and cash. Pinzker holds real value, but a large part of it is currently locked inside Tigbur’s own operating use. David Hachmi carries most of the revaluation and upside language, but almost none of the current cash generation, and the path from there to shareholders is still full of steps.
So anyone asking "how much real estate does Tigbur have" will get one answer. Anyone asking "how much of that real estate is actually close to shareholders" has to answer in three different languages: working rent at Hadera, a mixed-use asset at Pinzker, and a long-dated development option at David Hachmi. That is the difference between value created and value reachable.
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