Acro Reports 42 Apartment Sales and 20 Million Shekel Net Profit Ahead of Merger with Israel Canada

Acro Real Estate completed the second quarter with improved sales, selling 42 apartments compared to 34 in the first quarter and only 11 in the same quarter last year. This marks a recovery from the weak sales seen since 2022, including just six apartments sold in the first quarter of 2023. However, sales remain below historical highs, such as in 2021 when over 90 apartments were sold in a single quarter. The decline in sales reflects a broader trend affecting residential real estate developers.

The company’s revenue 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. Launched in September 2025, the project offers an attractive price of 32,000 shekels per square meter. During the second quarter, 21 apartments were sold there, with the average price per apartment rising to 4.9 million shekels from 4.4 million shekels in the first quarter, though still below last year’s 5.7 million shekels.

Four apartment sales worth about 18 million shekels were canceled in the quarter, with one of those units resold to other buyers. For the first half of the year, Acro sold 76 apartments totaling 353 million shekels. Sales under favorable payment terms accounted for 41 million shekels, about 12% of total sales, including buyer incentives such as partial or full exemption from index linkage worth an additional 20 million shekels. Sales through developer loans amounted to 83 million shekels, while traditional linear payment plans accounted for 228 million shekels, or 65% of sales.

Acro has multiple projects in Tel Aviv with varying sales activity: no sales in the YARD project (only three units remain), three sales in GO YAFO (about 100 units left), one sale each in the BORLA and Miriam Hashmonaite projects, and several sales in other projects including two in the WHITE project. No sales were recorded in the Acro on the Boulevard project during the quarter.

Earlier this year, Acro and Israel Canada announced a merger deal in which 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.