Building urban renewal projects.
Ramot Ba'ir is showing real operating progress and meaningful embedded value, but 2025 makes clear that the story is still mainly about collections, funding discipline, and turning balance-sheet value into cash.
At Ramot Ba'ir, the asset is ring-fenced, but the liability is not. In both Ashkelon and Halutz 137, the debt is explicitly not non-recourse, and both facilities contain cross-default language that ties project finance back to the wider debt stack.
Halutz 137 carries meaningful value, but the NIS 204 million figure should not be read as liquid value. It is a residual appraisal built on an uplift program, on planning interpretation around protected-housing and student-housing uses, and on NIS 130 million of debt that sharpl…
Ramot Ba'ir's balance sheet tells a story of capital stuck mid-conversion: by the end of 2025, almost all current assets sat in receivables, contract assets, and inventory, and only the Halutz Stage C Form 4 provides the first hard proof that the route back to cash has started t…
