David Porat Increases Stake in Mabneh Real Estate Company Amid Share Price Decline
David Porat, the largest shareholder in the real estate company Mabneh, has taken advantage of recent declines in the company's stock price by purchasing shares worth 216 million shekels over the past two weeks. These acquisitions, conducted in four separate transactions, raised his ownership stake to 23.8%. The latest and largest purchase, completed today, involved 100 million shekels at a price of 13.2 shekels per share, which is 2% above yesterday's closing price.
Porat's previous purchases occurred in May 2023, when he paid 135 million shekels for a 2% stake, increasing his holding to 20.6%, and in June 2020, when he acquired 0.3% of the company for 17 million shekels. Both earlier acquisitions followed sharp declines in Mabneh's share price, triggered by the COVID-19 crisis in 2020 and the departure of former CEO Dudu Zvida in 2023 amid board disagreements. The current purchases also follow recent stock drops; Mabneh's market value peaked at 11.85 billion shekels in mid-January but fell 22% by the end of March due to tensions related to the Iran conflict. Although the stock partially recovered, it resumed a downward trend in May and currently trades about 19% below its January peak, valuing the company at approximately 9.4 billion shekels.
Following these transactions, Porat's holdings in Mabneh are valued at around 2.24 billion shekels. While he is the largest shareholder, institutional investors such as Phoenix, Menora, Migdal, Harel, and Meitav hold between 9% and 13% each. Porat is not officially classified as a controlling shareholder. Mabneh specializes in income-generating real estate and recently began occupancy of its flagship project on HaSolalim Street in Tel Aviv, featuring 68,000 square meters of office space and 360 residential units.
In the first quarter of 2026, Mabneh reported a 3% increase in net operating income (NOI) to 202 million shekels and a 5% rise in adjusted funds from operations (AFFO) to 151 million shekels, a key profitability metric for real estate firms. By the end of 2025, Mabneh had sold 70% of the office space in the HaSolalim project, a figure that remained stable in Q1 2026 as tenants began moving in. The company previously estimated that full occupancy would generate an annual NOI of 109 to 115 million shekels, indicating that the ongoing tenant move-in is expected to positively impact upcoming financial results.
