BIG Sells Key Shopping Centers in US and France to Focus on Balkan and Eastern European Markets

Israeli real estate group BIG is executing a strategic shift by divesting income-generating assets outside its core focus areas. On Monday, the company announced the completion of the sale of its open-air shopping center Legends at Sparks in Reno, Nevada, where it sold an 80% stake for $103 million. This price is about 10% above the asset's book value of $95 million as of Q1 2026. BIG financed much of the deal by providing the buyer a $75 million bridge loan at a fixed annual interest rate of 6%, secured by the property, with options to extend the loan term.

Following this sale, BIG retains only one U.S. asset, The Waterfront shopping center in Pennsylvania, which it plans to sell by the end of 2026, completing its exit from the American market. Concurrently, BIG signed an agreement to sell its entire 50% holdings in BIG Opium and BIG Opium 2, its French storage and logistics operations, to its local partner. The transaction is valued at approximately 23.4 million euros, close to the book value, with payments scheduled through 2028 and provisions for interest on delayed payments.

The agreement also includes early repayment of shareholder loans totaling about 19.9 million euros, with the local partner providing personal guarantees starting in 2029 if debts remain unpaid. BIG CEO Chai Galis emphasized that these transactions generate additional cash flow to fuel the company’s development momentum and portfolio expansion in its strategic focus regions of the Balkans and Eastern Europe, where BIG sees significant growth potential, high returns, and competitive advantages.

This move reflects BIG’s consistent strategy to divest non-core activities and concentrate on shopping centers in targeted markets, aiming to strengthen its position in areas with promising economic prospects.