The group has cash, deposits and short-term investments amounting to NIS 2.7 billion, and includes Bank Leumi shares, cash and cash equivalents and marketable securities amounting to NIS 3.9 billion. Net debt amounted to NIS 12.6 billion. Investment and real estate value Investment in construction amounted to NIS 32 billion, an equity-to-balance sheet ratio of about 47%, and a net debt-to-balance sheet ratio of about 32%. Unencumbered assets amount to NIS 27 billion.
Eyal Hankin, Azrieli Group CEO said: “We conclude a strong quarter with growth in all operational parameters, along with significant investment activity of over NIS 3 billion since the beginning of the year. The office sector continues to enjoy urban demand with impressive growth of 6% in NOI from identical properties, along with the trading activity continues the positive trend we see since the reopening of the malls, with growth in redemptions compared to the same period in 2019. The sheltered housing sector continues to be a significant growth engine in the group’s activity with the completion of marketing at Palace Modiin ‘In the Palace of Blades.’