Migdal Insurance Buys Gindi Brothers’ Stake in Golden Mall for 840 Million Shekels

Migdal Insurance is acquiring the 25% stake held by brothers Moshe and Yigal Gindi in the Golden Mall, increasing its ownership from 75% to 100%. The deal, valued at 840 million shekels, includes 400 million shekels for the above-ground retail space and 440 million shekels for a newly completed underground shopping floor. Additionally, the Gindi brothers may receive up to 50 million shekels more based on the mall’s financial performance over the next year. Migdal also aims to take over management of the mall, which is currently run by a company affiliated with the Gindi brothers.

Migdal originally purchased 75% of the mall from the Gindi brothers in 2008 for one billion shekels. The underground floor, which was a subject of legal dispute between Migdal and the Gindis over its intended use, was ultimately decided in Migdal’s favor to be a regular retail floor rather than a food court. However, a court case filed by the Gindis seeking 800 million shekels in damages for halting the food court construction is still pending.

This transaction precedes a separate deal in which Melisron acquired between 51% and 70% of the mall’s shares in September 2025 for 818 million shekels, valuing the mall at 1.6 billion shekels. That deal is currently stalled at the Competition Authority. Migdal’s swift purchase of the Gindis’ shares may reflect doubts about regulatory approval for the Melisron deal or a desire to maintain full control over the mall without minority partners. The Gindi brothers had sold part of their stake to Aspen a year ago, and Migdal appears intent on preventing a similar event.

Golden Mall is one of Israel’s largest and most successful shopping centers, making this acquisition a significant move in the retail real estate market.