Ami Group to Buy One of Israel’s Largest Cinema Complexes for About NIS 300 Million

Ami Group, owned by businessman Shlomi Nahaisi, is buying Planet Rishon LeZion from The Israel Theatres, owned by the Greidinger family, for about NIS 300 million. After the deal closes, the complex will be renamed "Ami Planet." Ami Group also owns the Movieland cinema chain, which has 11 auditoriums.

This is not the group’s first purchase in the leisure and cinema sector. About a year ago it bought Yachin Center in Netanya for NIS 330 million, and about six months ago it acquired Gan HaIr Center in Carmiel for NIS 215 million, which includes eight Movieland cinema halls. The group also owns and operates commercial centers across Israel, including in Petah Tikva, Netanya, Rishon LeZion, Tel Aviv-Yafo, Ness Ziona, Givat Shmuel, Herzliya, Or Yehuda, Or Akiva, Tirat Carmel and Hadera.

Planet Rishon LeZion opened in July 2012 with an investment of more than NIS 200 million, and is considered one of Israel’s largest and leading cinema and entertainment complexes, with about 1.5 million visitors a year. Located in western Rishon LeZion near Superland, MAX Live Amphitheater and the HaAlafim area, it covers about 30 dunams and includes roughly 25,000 square meters of built space, 26 halls, including 24 movie theaters with about 3,600 seats, two event and conference halls, and about 2,000 parking spaces. The site is currently fully occupied and also has around 20 shops and stalls.

Nahaisi said the acquisition is a major strategic step that expands the group’s income-producing real estate business. He said the complex has strong year-round foot traffic and that the company plans to strengthen its position as a major entertainment hub for local residents and visitors from across the country. He also said the group intends to exploit existing zoning rights for about 10,000 additional square meters to create more value for visitors, tenants and the company.

The seller, The Israel Theatres, merged its Israeli cinema business in 2014 with British and Irish chain Cineworld, where Micky Greidinger held 29% and served as CEO. Cineworld later bought Regal Entertainment, becoming the world’s second-largest cinema chain, but ran into severe trouble after a 2021 order to pay C$1.24 billion to Canada’s Cineplex over a failed merger, as well as the damage caused by COVID-19. By August 2022, the company was preparing for bankruptcy protection in Britain and the United States, and under a debt settlement it was delisted and taken over by creditors.