Building residential projects in israel.
Aviv Bniya exited 2025 with lower revenue but a steadier balance-sheet base, longer debt duration, and a 2026 event tail that can improve the headline quickly. The real test is whether the residential core can rebuild revenue without tying up even more capital.
Aviv's rental portfolio was a real stabilizer in 2025, but almost all of that stability rested on Givat Shaul, on one anchor tenant within that asset, and on lease visibility that shortens quickly after the first year.
The Hungary land sale should give Aviv Bniya a one-off gain of about NIS 27 million and free cash flow of about NIS 42.5 million, but this is not a foreign-operations turnaround. It is primarily a successful monetization of an old asset that can improve balance-sheet flexibility…
