Melisron (TASE: MLSR): The Ofer Family's NIS 20B Mall and Office Empire

Israel's mall king. 26 assets, 814,000 sqm, roughly 2,300 tenants, roughly 70 million annual visits. Controlled 52% by Ofer Investments. Liora Ofer chair, Ophir Sarid CEO. TA-35 member since 2014. Ramat Aviv Mall at the top of the portfolio and Landmark Sarona under construction.

Melisron Ltd. (TASE: MLSR) is Israel's market-leading commercial real estate company — malls, offices, hi-tech parks, and a growing residential and urban-renewal segment. Roughly NIS 20 billion in portfolio value across 26 assets covering 814,000 sqm of gross leasable area, leased to about 2,300 tenants, drawing roughly 70 million annual visits. Founded 1987. TASE-listed since 1992. TA-35 index member since 2014. Total balance-sheet assets approximately NIS 31.5 billion. 2025 revenue NIS 2.27 billion, up 9.1% year-on-year. Liora Ofer chairs the board; Ophir Sarid is CEO. Ofer Investments Ltd. — the family holding vehicle — controls 52%.

The mall spine: Ramat Aviv Mall, three Grand Kanyons, Ofer HaKiryon

Ramat Aviv Mall is the highest-yielding shopping center in Israel and the anchor of Melisron's portfolio — the address that international luxury brands lease into when they enter the country. Grand Kanyon Haifa serves the Krayot catchment on the northern coastal corridor. Grand Kanyon Petah Tikva anchors the eastern Gush Dan retail belt. Grand Kanyon Be'er Sheva is the dominant regional center in the Negev. Ofer HaKiryon anchors the northern Krayot cluster alongside Grand Kanyon Haifa. Together these five assets carry a disproportionate share of the group's footfall and net operating income, and they are what makes Melisron the pricing setter for premium enclosed retail in Israel.

Landmark Sarona and the office/hi-tech park segment

Beyond retail, Melisron operates a substantial office and technology-park footprint — the segment where the company has been most active on new construction. Three projects are under construction totaling roughly 197,000 sqm. The Landmark project in Sarona, Tel Aviv, is the most visible — a mixed-use office tower integrating into the Sarona commercial district next to the Azrieli-Sarona spine, on land assembled adjacent to the Tel Aviv Metro alignment. Additional planning-phase projects are moving through committee. The office segment reflects Melisron's dual thesis: mall NOI stability funds the office pipeline, and the office pipeline captures the post-2023 corporate leasing recovery that TA-35 members are pricing into 2026 forward guidance.

The Ofer family control block

Melisron sits inside the broader Ofer family industrial and shipping empire — one of the three largest Israeli family holding structures alongside the Wertheimer and Federmann groups, all three of which The Olam covers inside its family office pillar. Ofer Investments Ltd. holds 52% of Melisron. Liora Ofer's chairmanship anchors the family's direct operating role. The Ofer decision in the 2000s to consolidate the mall portfolio under one listed vehicle — rather than run it as private family real estate — is what produced today's Melisron and what allowed the family to unlock institutional liquidity while retaining control.

The residential and urban-renewal pivot

Melisron's Residential Construction Development segment is the newest arm. The company entered residential development in central Israel to capture urban-renewal (pinui-binui and TAMA 38) upside adjacent to existing commercial holdings — the same playbook that has been running through Ramat Gan under Israel Canada and Ashtrom and through Tel Aviv under Aura and Africa Israel. That pivot puts Melisron into direct competition with those developers, with the mall operator's land bank and municipal relationships as the strategic advantage. Segment revenue remains a fraction of the commercial income stream but is the fastest-growing line inside the annual reports.

The war years and the 2025 revenue print

The post–October 2023 war years produced two competing pressures on Israeli commercial real estate: reduced tourist footfall through malls and hotels, offset by the redirection of Israeli consumer spending inward into domestic retail. Melisron's 2025 revenue print — NIS 2.27 billion, up 9.1% — showed the second effect winning at the premium end of the portfolio. TA-35 total return over the twelve months to mid-2026 ran ahead of most global benchmarks, and Melisron participated in that repricing, with the share up substantially against the TA-125 index over 2025.

At a glance

Ticker: TASE: MLSR (ISIN IL0003230146) · TA-35 member
Founded: 1987 · TASE-listed 1992 · TA-35 since 2014
Control: Ofer Investments Ltd. 52%
Chair: Liora Ofer · CEO: Ophir Sarid
Portfolio: 26 assets · 814,000 sqm GLA · ~2,300 tenants · ~70M annual visits
Balance sheet: ~NIS 31.5 billion in total assets
Market cap: ~NIS 20 billion+
2025 revenue: NIS 2.27 billion (+9.1% YoY)
Under construction: 3 projects, ~197,000 sqm (incl. Landmark Sarona)
Flagship assets: Ramat Aviv Mall · Grand Kanyon Haifa · Grand Kanyon Petah Tikva · Grand Kanyon Be'er Sheva · Ofer HaKiryon
HQ: Beit Merkazim, Abba Eban Blvd., Herzliya

Where Melisron sits in the Israeli commercial landscape

Melisron is not a formal REIT — it is a listed commercial real estate operator. That distinction matters: REIT 1 (TASE: RIT1) and Sella Capital operate under Israel's 2006 REIT tax regime with mandatory distribution rules. Melisron trades as a full operating company with the flexibility to reinvest, develop, and integrate residential exposure. Its closest peer set is Amot Investments (TASE: AMOT) inside the Alony Hetz group, BIG Shopping Centers (TASE: BIG), and Azrieli Group's commercial arm — with Melisron holding the premium-mall position that Ramat Aviv Mall alone secures. Read alongside Olam's Israeli Real Estate 2026 guide and the Olam Index 2026: Real Estate for the full sector view.