Melisron Q2 Results: Mall Revenue Growth and Sales in Flagship Project

The mall giant Melisron, managed by Ofir Sarid and controlled by Liora Ofer, summarizes the second quarter and the first half of 2026, against the backdrop of the effects of the "Lion's Roar" war. In the second quarter, in parallel with the relative calm in the security situation, revenues in the company's malls rose by about 11% compared to the same quarter last year. This follows a 5% decline in revenues in the Ofer malls during the first quarter, due to the malls being closed for five days during the "Lion's Roar" war.

At the same time, the Net Operating Income (NOI) rose in the second quarter by 5% to 412 million shekels, but net profit fell by about 33% to approximately 289 million shekels, compared to 437 million shekels last year. Melisron explains that the decrease in profit was mainly due to the fact that in the same quarter last year, the company recognized an increase in the value of investment real estate, net of tax, of about 288 million shekels, compared to a more moderate amount of 142 million shekels in the second quarter of this year. Looking ahead, the company estimates that the representative annual NOI rate in 12 months will be about 1.82 billion shekels, supported by full occupancy of Tower B in the Landmark project in Tel Aviv, which is fully leased.

"The transaction does not raise a competitive difficulty": Melisron addresses the waiver of the HaZahav Mall

Melisron holds 18 malls across the country, with a total area of about 542,000 square meters. The malls include about 2,400 tenants, and their value in the company's books amounts to about 19.5 billion shekels. The occupancy rate stands at about 99%. Alongside mall activity, the company has six high-tech and office parks, most of which are located near the malls. These assets span about 484,000 square meters, include about 370 companies, and their value in Melisron's books amounts to about 9.8 billion shekels, with an occupancy rate of about 96%.

In recent weeks, Melisron made headlines after announcing it is waiving the deal to acquire 51% of the HaZahav Mall in Rishon LeZion, in light of the Competition Authority's opposition. This comes just two weeks after the insurance giant Migdal acquired the remaining 25% of the mall, which was owned by the Gindi family, for about 840 million shekels.

In its reports, Melisron addressed the cancellation of the deal, noting that it believes the transaction does not raise a competitive difficulty that justifies its non-approval, and that it detailed its arguments to the Competition Authority at length. However, the company emphasized that, considering the totality of the circumstances, including the prolongation of proceedings with the Authority, it decided not to exhaust the proceedings with the Competition Authority and the relevant appellate courts. The reports did not state that the waiver of the acquisition has any economic significance or impact.

Over a million dollars on a campaign with Gwyneth Paltrow

In the residential sector, Melisron operates through the company Aviv Melisron, which holds a backlog of about 13,000 housing units planned for construction. From the beginning of 2026 until the date of the report's publication, Aviv Melisron sold 166 apartments, of which 132 were in the second quarter, for about 774 million shekels. In addition, 20 registration requests were received for which a sales agreement has not yet been signed.

Among the company's central projects is PARK 51 in Herzliya, in which the company invested over a million dollars in a marketing campaign starring the Oscar-winning actress and businesswoman Gwyneth Paltrow. Since the start of marketing in May, 56 apartments have been sold. The project includes two 51-story towers with 646 housing units, featuring a mix of 2-5 room apartments, mini-penthouses, and penthouses.