It all started with a single asset property company…
Melisron is the owner and manager of premium rental properties centrally located in Israel’s major cities. Its property portfolio focuses on regional malls and high-tech office complexes. Melisron is synonymous with unsurpassed excellence in development, investment and operation of real estate.
Mr Yuli Ofer founded Melisron in the 1950s based on his passion for real estate. Initially Melison owned a single asset, Hakiryon Mall, which was built on the site of the Ata factory after it shut down.
Over time Melisron expanded Hakiryon, which became Israel’s largest shopping mall. Mr. Ofer harnessed Hakiryon’s success to expand the company through the acquisition and development of additional shopping malls including Renanim in Ra’anana and the Hutzot Hamifratz power center.
In 2008, on the cusp of the financial crisis, Ms. Liora Ofer was appointed to head the company’s board of directors. Mr. Avi Levy, CEO of Ofer Investments (Melisron’s parent company and Ms. Liora Ofer together astutely made the most of the opportunities that the financial crisis created and adopted a strategy to expand the group’s shopping mall operations that were managed through Melisron.
The two M&A transactions that they concluded rocked the shopping mall market and established Melisron as the country’s largest shopping mall company, a position that it holds to this day.
Melisron’s success is largely due to its employees’ dedication and passion for real estate.
Mr. Yuli Ofer was a passionate investor in real estate. In 1987, he founded Melisron as part of the Ofer Investment Group, and led Melisron to become one of Israel’s major commercial real estate companies.
Melisron conducted an initial public offering of its shares on the Tel Aviv Stock Exchange in July, 1992.
When the financial crisis struck, Melisron was a relatively small, stable property company with a market cap of NIS 1 billion. The company owned three properties: Hakiryon Mall in Kiryat Bialik, a suburb of Haifa; Renanim Mall in Ra’anana, and a 33% share in the Hutzot Hamifratz power center.
With the significant EUR 250 million in proceeds from the sale of its holdings in property and hotels in Hungary, Ofer Investments sought opportunities to expand its operations in Israel.
Concluding one of the largest deals in the shopping mall market, Melisron acquired control and management of Ramat Aviv Mall from Lev Leviev, to become a major player in the market.
Melisron purchased a 73.4% stake in the upscale Ramat Aviv Mall at a value of NIS 1.5 billion and an annual NOI of NIS 115 million. By the end of 2018, the mall’s value had climbed to NIS 2.4 billion with an annual NOI of NIS 150 million.
Less than 18 months after its huge acquisition of Ramat Aviv and Savyonim malls, transforming Melisron into a major player in Israel’s shopping mall market, Melisron took another giant step forward to become Israel’s largest shopping mall company.
British Israel is a public company whose operations are concentrated in rental, management, and maintenance of shopping malls (The British Group owns 21 shopping centers and mall) and office and high-tech parks, office buildings, and industrial buildings.
In a 2010 interview, Liora Ofer, COB of Melisron stated, “The acquisition of British Israel by Melisron and Ofer Investments will be our most important strategic acquisition. British has a nationwide distribution of malls and rental properties throughout Israel. Its holdings in high-tech and office parks diversify its portfolio. Our move is a vote of Melisron’s and Ofer Investements’ confidence in British Israel and Israel’s economy.”
Melisron is included in the prestigious TA-25 Index, which lists the 25 companies with the highest market capitalization on the Tel Aviv Stock Exchange.
Melisron and Africa-Israel Properties won a tender for a 13-dunam (4.25-acre) lot in the Sarona area for NIS 578 million. Building rights allow for the construction of 151,000 sqm of mixed office and commercial uses and an additional 10,000 sqm of residential uses.
In a 2015 interview, Avi Levy stated, “The growing demand for Sarona by international high-tech development centers reinforces our assessment that Sarona will become Tel Aviv’s main business center. We believe that demand will continue to be strong and our complex will be the area’s landmark property.”
As of December 31, 2018, Melisron owns and manages 24 rental properties with 748,000 sqm, with a high occupancy rate of 97%.
Melisron is included in the Tel Aviv Stock Exchange’s flagship TA-35 Index (formerly, TA-25), the 35 companies with the highest market capitalization, and the Tel Dividend Index.