VILLAR

Villar: what AFFO misses about archive services and the group's real economics

At Villar, AFFO of NIS 132.2 million is a useful metric for the rental layer, but it is only a partial measure of the group. It strips out both NIS 31.5 million of archive operating cash flow and a NIS 425 million layer of archive-use properties whose value changes run through o…

Follow-up

Villar Romania: when West Bucharest turns from development story into real NOI

West Bucharest is no longer just a land-bank story, but it is still stuck between first proof of concept and stable external NOI. The first building proved demand, the second is still not fully leased, and the next inflection depends on B2 delivery and absorption.

Follow-up

Villar: how much financing room really remains after Keter, Series 12, and the active pipeline

Villar is nowhere near covenant stress today, but after the Keter transaction and the February 2026 funding wave, most of the financing room sits in capital structure, unencumbered assets, and market access rather than in surplus free cash.

Villar in 2025: the core stayed strong, but 2026 will test Keter integration and development delivery

Villar enters 2026 from a position of strength in income-producing real estate, but the question is no longer whether the existing portfolio is stable. It is whether the company can turn the Keter acquisition, Israeli development, and Romanian leasing into NOI and cash without l…