Building residential projects in israel.
By the end of 2025 AURA had built a larger, more layered, and better funded urban-renewal platform, but 2026 will be judged less on the size of the backlog and more on whether that backlog turns into cash, real project movement, and reported profit at a reasonable pace.
Aura is building a model in which outside capital enters through three different layers, project profit, residential rights, and the commercial platform, in order to reduce the equity burden and give part of the value an earlier market price.
Megido is currently AURA’s execution platform first, but the IPO and the minority-buyout move are turning it into a separate value layer that AURA is trying to bring further inside the group.
The accounting change in mixed-use urban-renewal projects delayed part of AURA's accounting recognition, but it did not erase the economics. The release of hidden profit now depends mainly on the engineering progress of a handful of large projects already under construction.
AURA's project-start pace can continue, but for now it is being carried more by external funding and refinancing than by internally generated cash.
