Income-producing real estate prperties, mainly supermarkets.
Blue Square Real Estate still rests on a stable retail base and better funding flexibility, but the next leg of value creation depends on turning office improvement and development backlog into operating profit and cash, not just valuations and a cleaner capital structure.
Blue Square Real Estate's residential activity no longer behaves like one backlog. East is now mainly a collections and unsigned-inventory story, while Ashman carries most of the revenue recognition still ahead in 2026 and 2027.
Blue Square Real Estate’s debt structure is currently far from covenant pressure, but the real room is narrower than the consolidated picture suggests. 2026 looks easier once the cash-backed commercial paper is stripped out, while the unsecured stack still depends on subsidiary…
The office component at Tozeret Haaretz has moved beyond the tenant-hunting stage, but the value case still depends on the speed at which signed leases turn into reported NOI. End-2025 fair value already reflects a stabilized asset, while reported NOI is still far below that sta…
