Azrieli Reports Slower Data Center Growth and Weaker Q2 Results Amid Strong Shekel Impact
How 2 Israeli newsrooms covered this story — translated into English and compared side by side.
First reported by Globes · 5 hours ago
What happened
Azrieli Group's Q2 2026 results showed slowed data center growth and a 52% net profit drop, impacted by a strong shekel and Facebook's office exit. Despite this, the company expects data center growth to resume by late 2026, driven by new contracts in Israel and Europe. Mall sales rebounded, while office income declined due to Meta's departure. Azrieli remains Israel's largest real estate firm by market value.
- 01Azrieli's Q2 NOI rose 0.5% to 651 million shekels, but net profit fell 52% to 155 million shekels.
- 02Data center NOI dropped 10% in Q2 but is expected to grow from late 2026 due to new contracts.
- 03Mall retail sales rebounded 8.3% in Q2, boosting mall NOI by 9%.
- 04Office NOI declined 4% mainly due to Meta vacating 33,000 sqm in Azrieli Sarona Tower.
- 05Azrieli holds data center contracts for 275 MW capacity, expected to generate nearly 1 billion shekels annually.
- 06The company is negotiating with TikTok to expand its existing data center campus by 60 MW.
Summary translated & synthesized from the sources below by baba. Read each original for the full report.
Full coverage · 2 outlets
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