Income producing office assets.
Adgar exited 2025 with a calmer balance sheet and better financing flexibility, but the operating core remained broadly flat, so the value-unlock case still depends mostly on execution in Canada.
Adgar 360 is the valuation anchor of Adgar's Israeli business, so its appraisal sensitivity is not a technical footnote but one of the key facts in reading the group. A base cap rate of 6.25% produces a value of NIS 1.505 billion, but a half-point move changes the asset value by…
Adgar materially reduced near-term liquidity risk, but it did so mainly through a larger cash position, a more spread-out maturity ladder, and continued access to the bond market rather than through fast organic deleveraging. The balance sheet is calmer in the near term, but it…
Close to half of Adgar's Canadian value sits in Liberty Village, 120 Bloor, and 350 Burnhamthorpe, but their share of current income is lower, so a large part of the value there rests on rights and densification rather than on in-place NOI.
