Insurance company Migdal is buying the Gindi family’s share of the Kenyon Hazahav (Golden Mall) shopping mall in Rishon LeZion for NIS 840 million. Kenyon Hazahav was built in the 1990s by brothers Moshe and Yigal Gindi. Nearly twenty years ago, Migdal bought 75% of the mall for NIS 1 billion.
Lat year, it was reported that Migdal had signed an agreement to sell 51% of the mall to the Melisron group for NIS 818 million, which would have put the mall’s value at around NIS 1.5 billion. So far there has been no official comment either by the Gindi family or by Migdal.
The deal covers three floors, including floor minus 1 which is currently being renovated. In April this year, in an interview with "Globes", Tal Gindi, daughter of Moshe Gindi, who represents the owners of Kenyon Hazahav and runs it in practice, talked about measures she had recently promoted, among them the renovation of glass frontages at a cost of NIS 180 million and the construction of the new brands floor (the "platinum" floor) where large stores of Israeli fashion companies such as Delta and Fox will be opened.
The launch of the new floor, which is at advanced stages of construction and handover, is expected during the summer. Tal Gindi also spoke of a new food floor with restaurants and cafes, and even of a change in the urban building plan to allow the construction of an office tower on the mall site.
The possible entry of Melisron into ownership of Kenyon Hazahav has not yet been officially approved by the Competition Authority, as Melisron has substantial holdings in malls in the central region. Kenyon Hazahav, which up to now was owned by entities not from the shopping malls sector, has positioned itself as a strong regional player with large numbers of visitors and a high occupation rate at some of the highest rents in the sector.
Published by Globes, Israel business news - en.globes.co.il - on June 29, 2026.
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