Golden Mall in Rishon LeZion Unveils New Platinum Floor After Ownership Shakeup

Golden Mall in Rishon LeZion has opened its new "Platinum Floor," a 12,000 square meter expansion costing approximately 100 million shekels. This addition brings the mall's total area to about 122,000 square meters, making it, according to management, the largest mall in Israel by size. The opening follows a significant ownership change, with insurance company Migdal acquiring the remaining 25% stake from the Gindi family for about 840 million shekels in late June, completing its full ownership of the property. Migdal had previously held a 75% stake, purchased in 2008.

The new floor, featuring around 30 stores including anchor and flagship brands in fashion, footwear, accessories, beauty, and lifestyle, was a key component of the recent acquisition. Approximately 440 million shekels of Migdal's payment to the Gindi family was attributed to the new floor's value, while the existing mall was valued at over 2 billion shekels. The expansion is part of a broader renovation and upgrade project, with the Gindi family having invested around 180 million shekels in renovations and facade upgrades in recent years.

Despite the mall's expansion, its ownership structure underwent further shifts. Melisron had previously signed an agreement to acquire a 51% stake for 818 million shekels, but withdrew from the deal in July due to anticipated regulatory issues from the Competition Authority. Consequently, Migdal remains the sole owner and is reportedly seeking a new partner to assist with management and enhancement. Golden Mall, originally established in the early 1990s by the Gindi brothers, previously spanned about 110,000 square meters with approximately 430 tenants.

To celebrate the new floor's opening, the mall plans activities during the Sukkot holiday, including gifts for shoppers spending over 600 shekels and a children's activity area. Tal Gindi-Friedman, representing the former owners, expressed excitement about the new floor, highlighting its leading brands and diverse mix that strengthens the mall's position as a national shopping destination.