Gindi Family Sells Golden Mall Stake, Retains New Platinum Floor

The Gindi family has sold its remaining 25% stake in the Golden Mall to Migdal Insurance for NIS 840 million, effectively exiting its ownership after three decades. However, the deal does not include the mall's newly opened Platinum floor, a significant expansion representing an investment of approximately NIS 100 million. This new level, which has increased the mall's total area to about 122,000 square meters, making it the largest in Israel, was retained by the Gindi family.

The Platinum floor features around 30 stores, including international anchor tenants and flagship stores for brands such as Victoria's Secret, Adidas, and Flying Tiger, alongside Israeli brands like Itay Brandes. The expansion aims to enhance the mall's offerings in fashion, footwear, accessories, beauty, and lifestyle.

The sale concludes a protracted legal battle between Gindi Investments and Migdal Insurance that lasted nearly a decade. The dispute centered on the construction of a subterranean commercial floor, with Gindi having sued Migdal for approximately NIS 800 million. A district court ruling in 2024 dismissed Gindi's claim, stating they were not permitted to establish a food market without Migdal's consent. Gindi appealed to the Supreme Court but later withdrew the appeal, finalizing the legal proceedings.