Bakshi Finance — Family Office
The information presented on this site is provided for informational and educational purposes only. It does not constitute investment advice, investment marketing, or a substitute for personalised advice. The firm operates as a Family Office serving qualified investors. The firm’s founder held a licensed investment-advisory practice from 2008 through 2023. This site does not participate in the investment decision.

G City Ltd.

G City Ltd. | TASE | REIT · Retail

Data as of: April 2026 | Primary source: 2025 Annual Report

GCTY
Research Depth · Standard Israeli REIT · Retail Real Estate
Market Cap
₪10.5B
Price NIS 11.65
Revenue 2025
₪2.56B
-3.2% Y/Y (disposals)
Occupancy
96%
Same-store NOI +5.8%
NAV Discount
54%
NAV ₪25.5 vs ₪11.65
LTV
~71%
High — norm 40-50%
P/FFO
5.8x
Inexpensive vs sector
1 Company Profile

G City (GCTY) is an Israeli-European shopping-centre real-estate company, traded on the Tel Aviv Stock Exchange. The company owns and operates shopping centres in Israel, Germany, the Czech Republic, Slovenia and Eastern Europe. G City is a commercial-real-estate company with high occupancy (96%) but elevated leverage (LTV 71%). 2025 revenue: NIS 2.56B (-3.2% — asset disposals). NAV discount: 54% — share price NIS 11.65 versus NAV of NIS 25.5. P/FFO 5.8× — inexpensive relative to the sector. Key observation: the combination of high occupancy + deep NAV discount + elevated leverage warrants sustainability analysis.

ActivityFeature
IsraelShopping centres
גרמניהמרכזי קניות גדולים
צ'כיה / סלובניהמרכזי קניות מזרח אירופה
מימוש נכסים2025 — מכירת נכסים להפחתת חוב

Source: Annual 2025

2 Key Financial Observations

This summary is not a recommendation. It is a factual list of key financial metrics.

ביצועים 2025

MetricValue
Revenue₪2.56B
Market Cap₪10.5B
NAV~₪23B
Occupancy96%
Same-store NOI+5.8%

מדדים נוספים

MetricValue
P/FFO5.8x
NAV Discount54%
LTV~71%
דיבידנדמשתנה

Missing data: פילוח NOI לפי גאוגרפיה, פירוק חוב לפי טווח, plan deleveraging מלא.

מדדים פיננסיים
פילוח פעילות
שולי רווח
רווחיות
מגמה
מדד נוסף
3 Industry & Competitive Context

נדל"ן מסחרי / מרכזי קניות. תחרות מ-e-commerce, תיירות, רשתות. Occupancy יציבה אך עם לחץ ארוך טווח.

מתחרהטיקרהבדל
מליסרוןMLISנדל"ן מניב ישראלי איכותי
עזריאליAZRGמרכזי קניות + משרדים
UnibailURWמתחרה אירופית
KlepierreLIמתחרה אירופית
4 Risk Factors
RiskContext
LTV גבוה (71%)רגיש מאוד לעליית ריבית
NAV Discountאם השוק לא מאמין ל-NAV
e-commerceאיום מבני על מרכזי קניות
FX exposureיורו, קרונה צ'כית
5 Analytical Lens — The Questions We Ask
In professional company analysis, the question is not "is this good?" but rather "through which lenses must this company be examined so that we do not miss what matters most?" At Bakshi Finance, every analysis passes through six lenses.

This framework is intended to structure analysis, not to produce an investment conclusion.
Growth
Revenue down 3.2% — asset disposals or secular decline?
Profitability
Same-store NOI +5.8% — healthy.
Leverage
LTV of 71% — critical. Is it sustainable?
Competitive Position
Against e-commerce — how is relevance preserved?
Management Quality
The deleveraging plan — at what pace?
Business Complexity
International footprint — how should an SOTP be built?
These are the questions. The specific answers for לG City are woven throughout the analysis and discussed in depth under "How to Think About This Company".
The same six questions are asked of every company on the site — what varies is the answers, not the instrument.
6 Scenario Framework
Scenarios are descriptive, not predictive. They outline possible conditions, not expected outcomes.
These scenarios carry no probability assessment, no preferred direction, and no expectation regarding which, if any, will materialise.
Constructive Scenario — if the following conditions hold:

Asset disposals succeed, LTV falls below 60%, multiples normalise, and the NAV discount partially closes.

Base Scenario — if current trends continue:

NOI remains stable, LTV declines gradually, and the NAV discount remains wide.

Adverse Scenario — if the following risks materialise:

Rates rise, occupancy declines, high LTV pressures the structure — equity issuance may be required.

Scenarios describe conditions, not forecasts. There is no preferred direction and no probability assessment expressed in this framework.
7 How to Think About This Company
G City is a real-estate company with a leverage problem and a very large NAV discount. The real question in analysing GCTY is not "are the assets worth their NAV (NIS 23B)," but rather "can the company reduce LTV from 71% into the ~50% range over 2-3 years without diluting shareholders?" That is the only question that matters.
The critical variables: (a) the pace of asset disposals; (b) the LTV trajectory; (c) Same-Store NOI growth — is 5.8% being sustained?
Where the analysis may go wrong: First error — viewing the 54% NAV discount as an "opportunity" without understanding why it exists. Second error — underestimating interest-rate sensitivity. Third error — confusing asset-disposal proceeds with operational revenue decline.
Professional analysis addresses three things: (a) LTV by geography; (b) the pace of asset disposals versus financing costs; (c) NAV sensitivity to occupancy and cap rates.
The difference between surface-level analysis and professional thinking often lies in the variables that are not immediately visible.
The difference between surface-level analysis and professional thinking often lies in the variables that are not immediately visible.
8 Sources & Data
#SourceDateType
1G City — 2025 Annual ReportMarch 2026Official — TASE
2maya.tase.co.ilApril 2026Official — Stock Exchange

Missing: פילוח NOI לפי גאוגרפיה, פירוק חוב לפי טווח, plan deleveraging מלא.

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Bakshi Finance | Family Office | All rights reserved 2026

Disclosure: The information presented in this document is provided for informational and educational purposes only. It does not constitute investment advice, investment marketing, or a substitute for personalised advice tailored to the client. The firm operates as a Family Office serving qualified investors only. The firm’s founder held a licensed investment-advisory practice from 2008 through 2023. Past performance is not indicative of future results. This site does not participate in the investment decision. This framework is intended to structure analysis, not to produce an investment conclusion.