Against the backdrop of the merger with Israel Canada: Acro sold 42 apartments and net profit reached 20 million shekels
Acro ended the second quarter with 42 apartments sold, up from 34 in the previous quarter. The company reported a net profit of 20 million shekels, recovering from a 6 million shekel loss in the first quarter.
Acro ended the second quarter with an increase in sales: 42 apartments were sold, compared to 34 in the first quarter of the year and only 11 in the same quarter last year. This marks an improvement, especially in light of the weak sales that have characterized some of the quarters presented by Acro since 2022. For instance, in the first quarter of 2023, only six apartments were sold, whereas historically, in 2021, the company sold more than 90 apartments in a single quarter. The decline in sales in recent years is not unique to Acro, but characterizes all residential real estate developers.
The company's revenues for the quarter reached 181 million shekels, compared to 163 million shekels in the previous quarter — an increase of about 10%. Net profit totaled 20 million shekels, compared to a loss of 6 million shekels in the previous quarter. About half of the sales increase in the current quarter comes from the large-scale WHITE project, which includes more than 700 apartments on Herzl Street in Tel Aviv. Marketing of the project began in September 2025, and the price per square meter is considered attractive at 32,000 shekels. During the second quarter, 21 apartments were sold in this project.
The average price per apartment rose compared to the first quarter to 4.9 million shekels, up from 4.4 million, though this remains lower than the second quarter of last year, when it stood at 5.7 million shekels. During the second quarter, four sales transactions totaling about 18 million shekels were canceled, one of which has already been resold to other buyers. Company data indicate that a large portion of the apartments were sold as part of various promotions.
For the first half of the year, 76 apartments were sold for a total of 353 million shekels. Sales under favorable payment terms amounted to 41 million shekels (about 12% of sales), with some buyers receiving additional benefits in the form of partial or full exemption from index linkage, amounting to about 20 million shekels. Under the developer loan track, apartments totaling about 83 million shekels were sold. In contrast, using the standard linear installment plan, apartments worth 228 million shekels were sold, accounting for about 65% of total sales in the first half.
Acro holds a large number of projects in Tel Aviv. In the YARD project, only three apartments remain for sale. In the GO YAFO project, about 100 apartments remain available. In the Burla and Miriam HaHashmonait projects, one apartment was sold in each; in Sharett, two; in Achimeir, three; in Basel, one; in the Maza tower, two; and in Sderot Frankfurt, two.
As previously reported, Acro and Israel Canada announced a merger deal earlier this year. Israel Canada will acquire control of Acro Real Estate at a valuation of more than 3 billion shekels. The deal will be carried out in cash (40%) and shares (60%), with Acro shareholders receiving 1.24 billion shekels. In April, the Competition Authority approved the deal, marking a significant step toward its completion.
