Acro Reports 42 Apartment Sales and 20 Million Shekel Profit Amid Merger with Israel Canada
Acro Real Estate concluded the second quarter with improved sales, selling 42 apartments compared to 34 in the first quarter and only 11 in the same period last year. This marks a recovery from the weak sales seen in parts of 2022 and early 2023, when only six apartments were sold in the first quarter. Historically, Acro sold significantly more, with over 90 apartments sold in a single quarter in 2021. The decline in recent years reflects a broader trend affecting residential real estate developers.
The company's revenues for the quarter reached 181 million shekels, up about 10% from 163 million shekels in the previous quarter. Net profit rose to 20 million shekels, reversing a 6 million shekel loss in the prior quarter. Approximately half of the sales increase came from the large-scale WHITE project on Herzl Street in Tel Aviv, which includes over 700 apartments. Marketing for WHITE began in September 2025, with an attractive price of 32,000 shekels per square meter. In the second quarter, 21 apartments were sold there. The average apartment price rose to 4.9 million shekels from 4.4 million in the first quarter but remained below last year's 5.7 million shekels.
During the quarter, four apartment sale deals worth about 18 million shekels were canceled, with one apartment subsequently sold to other buyers. For the first half of the year, Acro sold 76 apartments totaling 353 million shekels. Sales under favorable payment terms amounted to 41 million shekels, about 12% of total sales, including buyer incentives such as partial or full exemption from index linkage valued at 20 million shekels. Sales through developer loans reached 83 million shekels, while traditional linear payment plans accounted for 228 million shekels, or 65% of sales in the period.
Acro has multiple projects in Tel Aviv with varying sales activity. No sales occurred in the YARD project, which has only three apartments left. GO YAFO sold three apartments with about 100 remaining. Other projects like BORLA, Miriam Hashmonaite, Seret, Achimair, Basel, and Mazeh Tower saw limited sales ranging from one to three apartments each. No sales were recorded in Acro on the Boulevard, while two apartments sold on Frankfurt Boulevard.
Earlier this year, Acro and Israel Canada announced a merger deal where Israel Canada will acquire control of Acro Real Estate at a valuation exceeding 3 billion shekels. The transaction will be paid 40% in cash and 60% in shares, with Acro shareholders receiving 1.24 billion shekels. In April, the Competition Authority approved the deal, marking a key step toward its completion.
