Azrieli, IL0011194789

Azrieli secures EUR 1.4 billion financing: Norway delay tests Azrieli stock

Published on 10/21/2026 at 10:19 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

The Norway campus totals 80 megawatts and targets EUR 117 million annual NOI. Azrieli stock faces a 16-week delivery delay.

Norway financing and delivery schedule

Azrieli secured EUR 1.4 billion of project financing on October 15, 2026.
The Norway campus is planned at 80 megawatts with EUR 117 million annual NOI at full operation.
Azrieli stock last stood at ILA 37,400 on October 21, 2026 at 11:03 a.m. IDT on the Tel Aviv Stock Exchange.

Azrieli, IL0011194789, Illustration mit AI erstellt.

Azrieli secured EUR 1.4 billion in financing for a Norway data center project on October 15, 2026, while the first delivery milestone faces a 16-week delay, as Calcalist reported. The financing supports an 80-megawatt campus, but the schedule pushes the first 20 megawatts from the original plan into July 2027.

Financing supports a large campus

The agreement covers up to EUR 1.4 billion, including roughly EUR 1.0 billion for construction and additional facilities for operating costs, customer-related payments and value-added tax. The project is designed for a 15-year service term, with an option for another 15 years, and is expected to generate EUR 117 million of annual net operating income at full operation, according to Calcalist.

What does the delay mean?

The first phase is now expected to begin service in July 2027 rather than at the end of March 2027. The second 20-megawatt phase is delayed by 12 weeks, and the revised schedule remains subject to an agreed contract amendment, according to Bizportal. For investors, the key issue is timing: construction spending continues before the campus produces its planned cash flow.

Three dates frame the project

On December 31, 2025, Azrieli had agreed to provide 80 megawatts of data center services in Norway. On October 13, 2026, the customer-requested specification changes added 16 weeks to the first phase and 12 weeks to the next phase, as Bizportal reported. On October 15, 2026, the financing agreement was announced with the project still moving forward, according to Calcalist.

Next reporting and delivery dates

Azrieli is scheduled to report its next results on November 25, 2026, according to TradingView. The first service milestone is expected in July 2027, subject to the contract amendment described by Bizportal.

Stock context for investors

Azrieli Group last stood at ILA 37,400 on October 21, 2026 at 11:03 a.m. IDT on the Tel Aviv Stock Exchange. Its 52-week range was ILA 31,190.00 to ILA 51,310.00 in the same quoted market context. Azrieli's latest reported second-quarter 2026 net operating income was ILS 651 million, while data center net operating income was ILS 103 million, down from ILS 115 million in the second quarter of 2025, according to Bizportal.