Income-producing real estate & construction.
Vitania enters 2026 as a yielding real-estate company whose operating core is still growing, but the real market reading is now defined by VICA, Landa, current bank credit, and the remaining completion queue.
Vitania enters 2026 not with an immediate covenant crisis, but with a funding queue that is still only partly priced: at least NIS 638.7 million of quantified completion costs, two open lines with no final budget, and a balance sheet that has shifted much more weight into short-…
Vitania's 2025 valuation map points to a reset in two development projects, not to broad portfolio weakness: VICA and Landa Phase A created more than 100% of the write-down while the positive offset elsewhere stayed small.
