Income-producing real estate.
Shemen Nadlan has already moved from promise to portfolio, but 2025 shows that the balance sheet is still running faster than recurring income. Revenue and NOI improved sharply, yet roughly 74% of property value still sits in Haifa, Ashdod, Ariel A, and Ofakim, so the core quest…
Ashdod’s economics look internally coherent, but Shemen Nadlan’s next major NOI engine still depends on two things proving themselves together: on-time delivery and a related tenant turning a signed lease into cash NOI.
Haifa is worth ILS 402.9 million mainly because the appraiser assigns ILS 4.235 million per dunam to the land, not because the site already has a stabilized NOI stream that can be capitalized like a standard yielding asset.
Shemen Nadlan is not facing a covenant crisis at year-end 2025. It is operating through a funded interim period. The ILS 105.4 million working-capital deficit is driven mainly by short debt that is supposed to roll into long-term financing in Ashdod and Ariel A, while the conver…
