Developer of shopping centers.
BIG enters 2026 as a much larger income-producing and development platform, but after a record year the test shifts from growth itself to whether the group can deliver projects, preserve yields, and fund the next wave without eroding flexibility.
Europe has already become BIG's second growth engine, but the next rerating depends less on occupancy and more on timely delivery of the Poland-heavy pipeline and on separating euro operating progress from shekel translation and funding noise.
Petah Tikva and Ashkelon show attractive development yields, but most of the risk still sits in execution: 74% of combined project spend has not yet been deployed, so the real question is less the stated yield and more whether BIG can deliver on time without cost slippage.
Series 25 bought BIG time, stronger collateral-backed funding, and a better negotiating position, but it did not create a self-funded development cycle. Funding headroom still rests on debt-market access, available collateral, and timely conversion of capex into NOI.
