Full coverage· Economy· Updated
G City Plans Asset Sales Worth 6.1 Billion Shekels to Reduce Leverage by 2027
G City is executing a strategic plan to sell 6.1 billion shekels in assets by 2027 to reduce leverage after a failed control sale deal. The company will focus on fewer markets, divesting Brazilian and some Polish and US rental properties, while improving operational efficiency.
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What happened
- 01G City plans to sell 6.1 billion shekels in assets by end of 2027 to reduce leverage.
- 02The company will exit Brazil and reduce rental housing holdings in Poland and the US.
- 03It aims to focus on commercial properties anchored by supermarkets in fewer territories.
- 04Debt-to-asset ratio remains high at about 66%, despite recent reductions.
- 05G City launched a share buyback offer at 11.5 shekels per share, up 11% from last price.
- 06Q2 NOI fell 13% due to currency effects and asset sales, but identical asset NOI rose 3.6%.
Despite challenges from currency effects and asset sales, G City raised its earnings forecast and plans a share buyback and dividend.
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