Mega Or

What Mega Or does

Mega Or Holdings Ltd. (TASE: MGOR) is a publicly listed Israeli income-producing real estate group headquartered in the Shilat Industrial Zone, founded in 2007 through an IPO on the Tel Aviv Stock Exchange. The company operates across four primary business lines: industrial and logistics buildings (approximately 618,000 sqm across 34 active properties, including Flex, Orian Group, Vishay/VPG, IAI, and Fox Group facilities), open-air commercial centers (approximately 225,000 sqm across 26 active centers with ~111M NIS annual NOI), data centers through its wholly-owned subsidiary Mega D.C., and integrated green energy infrastructure (solar rooftops, energy storage, wind projects in Israel and Europe). The company additionally holds a 29.9% equity stake in Discount Investment Corporation (דסק"ש), which in turn holds interests in income-generating real estate companies including Gav Yam. Mega Or is a constituent of the TA-35 index and carries an ilAA- credit rating from Maalot/Midroog.

The business model is anchored in long-term, recurring rental income from corporate tenants operating purpose-built facilities, supplemented by equity-method income from the דסק"ש stake. Pricing is contract-based and not publicly disclosed; data center lease economics with hyperscale customers (Crusoe: 150MW at $85M projected annual revenue; Nvidia: $1.5B Mevo Carmel server farm co-development) represent negotiated enterprise agreements. The data center business is the most strategically significant growth pillar, positioning Mega Or at the intersection of Israel's AI infrastructure buildout and traditional income-producing real estate, while the green energy vertical monetizes the existing land bank through integrated solar, storage, and wind installations.

Revenue has scaled from approximately $209.7 million in 2022 to $333.7 million in 2025, with EBITDA of $1.2 billion in 2025 (heavily inflated by property revaluation gains typical of IFRS real estate accounting) and the company crossing the 4 billion NIS market cap threshold in 2020 before joining the TA-35 index in 2024. Strategic expansion is concentrated on the data center vertical and the integration of energy infrastructure into existing real estate assets.

Name

Mega Or

Legal name

מגה אור החזקות בע"מ (Mega Or Holdings Ltd.)

Website

https://megaor.co.il

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Mega Or Holdings Ltd. (TASE: MGOR) is a publicly listed Israeli income-producing real estate group operating industrial/logistics buildings, open-air commercial centers, data centers (via Mega D.C.), and green energy projects, serving enterprise tenants including Nvidia, Crusoe, Fox, Orian, Vishay, IKEA, and IAI.

Ownership category

akta.pro rank

Product category

Commercial Real Estate

NAICS

Management of Companies and Enterprises (551), Management of Companies and Enterprises (55), Offices of Other Holding Companies (551112)

SIC

Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799), Operators Of Nonresidential Buildings (6512)

akta.pro primary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

akta.pro secondary industries

Renewable Energy Infrastructure (FSAAAKAG), Real Assets — Operating Platforms & Direct Investments (FSAAAKAL)

Keywords

• Industrial real estate
• Logistics property leasing
• Data center operations
• Commercial real estate
• Income-producing property

Headquarters

HQ city

Merkaz Shapira

HQ country

Israel

HQ region

Middle East

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Industrial & Logistics Property Rental: Long-term leasing of purpose-built industrial and logistics facilities to corporate tenants, generating stable recurring rental income. Properties include Flex center (33,750 sqm), Orian distribution center (40,000 sqm), VPG/Vishay facility (13,770 sqm), IAI aerospace campus (39,000 sqm), and Fox logistics center (80,000 sqm).
2. Commercial Center Management & Rental: Development and management of open-air commercial centers. Annual NOI approximately 111 million NIS from approximately 225 thousand sqm across 26 active commercial assets.
3. Data Center Operations (Mega D.C.): Development and operation of data center facilities through Mega D.C. subsidiary. Projects annual revenue of approximately $85 million from Crusoe lease agreements at Idan HaNegev Industrial Park and Haifa sites (150MW total capacity).
4. Energy Infrastructure Projects: Development of solar rooftop systems, energy storage facilities, and wind energy projects on company-owned properties in Israel and Europe, creating additional value from real estate assets.
5. Stake in Discount Bank (Dag Chekel, 29.9%): Holds 29.9% stake in Dag Chekel (Dag Khaz), which in turn holds companies operating in income-producing real estate, including Give Yam.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Mega Or Holdings Ltd. develops, acquires, leases, and manages income-producing real estate across Israel, including industrial and logistics buildings (~618,000 sqm across 34 properties), open-air commercial centers (~225,000 sqm across 26 properties), and data centers through its wholly owned Mega D.C. subsidiary. The company also integrates green energy infrastructure (solar rooftops, energy storage, wind) into its owned properties and holds a 29.9% stake in Discount Investment Corporation.

Product overview

Mega Or is a leading Israeli income-generating real estate group operating across five distinct business lines: (1) Industrial & Logistics Buildings — development and management of smart industrial and logistics facilities; (2) Mega D.C — a wholly-owned subsidiary operating data centers with advanced cooling, high security, and reliable power; (3) Commercial Centers — open-format retail centers designed as community anchors; (4) Green Energy — solar rooftop, energy storage, and wind projects across Israel and Europe; and (5) a 29.9% equity stake in Discount Investment Corporation (דסק"ש). The company is TA-35 listed, holds an ilAA- credit rating from Midroog, and manages approximately 618,000 sqm of industrial/logistics space, ~225,000 sqm of commercial space, and data center capacity in the MWIT range.

Differentiator

Problem solved

Functional benefit

Brands

• Mega D.C: A wholly-owned subsidiary specializing in development and operation of data centers supporting digital and AI infrastructure needs

Products and services

• Industrial and Logistics Buildings (מבני תעשייה ולוגיסטיקה) Development and management of industrial and logistics buildings in leading Israeli locations, serving as smart assets that produce operational value for businesses and stable long-term returns for investors. Portfolio includes 34 active properties totaling ~618,000 sqm, comprising management centers, distribution centers, and smart automated logistics facilities. Key tenants include Flex (33,750 sqm), Orian (40,000 sqm), VPG/Vishay (13,770 sqm), IAI (39,000 sqm), and Fox (80,000 sqm).
• Mega D.C. Data Centers (מרכזי נתונים) Wholly-owned subsidiary specializing in the development and operation of data centers supporting clients' digital infrastructure, technology, and AI growth needs. Facilities feature high security standards, advanced cooling systems, and reliable power infrastructure ensuring maximum service availability. Includes 150MW total leased capacity to Crusoe at Idan HaNegev Industrial Park and Haifa sites, with projected annual revenue of approximately $85 million. Also co-developing $1.5 billion Nvidia server farm expansion in Mevo Carmel industrial zone.
• Commercial Centers (מרכזים מסחריים) Development and management of open-air commercial centers combining accessibility, precise tenant mix, and everyday user experience. Each center is designed as a community-economic anchor that creates value for tenants, customers, and the surrounding environment. Portfolio includes 26 active commercial assets totaling ~225,000 sqm, generating approximately 111 million NIS annual NOI. Key tenants include IKEA Israel (25,000 sqm in Har Tov), Big Shopping Centers, Fox Group, Sarona Market, and RIT1 (Reit 1).
• Green Energy (אנרגיה) Energy sector activity leveraging the company's real estate asset base to integrate energy infrastructure into property planning. Promotes solar rooftop systems, energy storage facilities, and wind energy projects in Israel and Europe using existing assets and owned land.

Quantifiable outcome

• Consistent high occupancy rates maintained across portfolio for years
• +2 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• CrusoecoreStrategic or Co-development Partner · 29 June 2026US-based neocloud company Crusoe signed data center lease agreements with MegaDC (Mega Or subsidiary) totaling 100MW new capacity, bringing total Israeli leasing to 150MW with estimated total investment of approximately $10 billion over 10-15 years. Leases include 67.6MW contract for capacity at Idan HaNegev Industrial Park and Haifa. Mega Or projects annual revenue of $85 million from the two Israeli sites.
• Anan GroupminorStrategic or Co-development Partner · 29 June 2026Anan Group partnered with Crusoe in an expanded 80MW data center agreement. Mega Or is not directly party to this agreement but MegaDC sites are part of the broader Crusoe Israeli data center ecosystem.
• NvidiacoreStrategic or Co-development Partner · 18 December 2025Mega Or is co-developing a $1.5 billion Nvidia server farm expansion in Mevo Carmel industrial zone. Nvidia is building a major spaceship-style campus in Kiryat Tivon (160,000 sqm, 10,000+ employees by 2031) and this separate server farm expansion is co-developed with Mega Or. This represents Mega Or's entry into hyperscale data center infrastructure partnerships.
• Big Shopping CentersminorStrategic or Co-development PartnerBIG (Big Shopping Centers) is a partnership partner in multiple Mega Or commercial centers including Big Mega Or Pardes Hanna, Big Mega Or Tiberias, Big Mega Or Check Post, Big Mega Or Pardes Chana, and Big Mega Or Kiryat Gat. These centers are co-owned and managed by Big Shopping Centers.
• IKEA IsraelminorStrategic or Co-development PartnerIKEA Israel operates a 25,000 sqm retail store on Mega Or-owned land in Har Tov industrial zone near Eshkol. The center is fully managed by IKEA Group.
• Fox GroupminorStrategic or Co-development PartnerFox Group is a partner in the Jumbo Echo commercial project at Park South Sharon (near Kfar Saba) and operates the Merlog Air Fox 1 logistics center in Beit Shemesh (80,000 sqm) on Mega Or-owned property.
• Reit 1 (RIT1)minorStrategic or Co-development PartnerMega Or commercial center in Modin 1 is in partnership with RIT1 (Reit 1), managed fully by Mega Or Group.
• Orian GroupminorStrategic or Co-development PartnerOrian Group serves as anchor tenant and co-owner of the Kiryat Orian management and distribution center (40,000 sqm) developed by Mega Or. The center serves as Orian's automated smart distribution hub and headquarters.
• Sarona MarketminorStrategic or Co-development PartnerSarona Market commercial center operated by Mega Or as part of the commercial portfolio.

Scale indicators15 records

Recent moves11 records

Expansion highlights5 records

Broad incumbents

• Digital Realty Trust: Digital Realty is a global data center REIT operating hyperscale and colocation facilities worldwide. It is a broad incumbent comparable to Mega D.C.'s hyperscale data center build-out for Crusoe and other tenants, particularly in terms of scale economics and lease economics.
• Equinix: Equinix is the largest global operator of interconnection and colocation data centers. It is a broad incumbent comparable to Mega D.C.'s data center operations, particularly as Mega Or targets hyperscale and enterprise tenants requiring reliable power and connectivity.
• Azrieli Group: Azrieli Group is a large Israeli real estate and investment conglomerate with malls, offices, and residential assets. It is a broader incumbent in the Israeli commercial real estate market with overlapping income-producing property exposure to Mega Or.
• Iron Mountain: Iron Mountain is a U.S.-listed REIT with a growing data center and asset-light storage business. It is comparable as a broad incumbent data center landlord with a real estate operating model, though focused on colocation rather than hyperscale build-to-suit.

Direct peers

• Big Shopping Centers: Big Shopping Centers is an Israeli open-air commercial center operator and Mega Or's partner in multiple co-developed centers (e.g., Big Mega Or Pardes Hanna, Tiberias, Check Post). It is directly comparable as a peer in the open-air retail real estate segment.
• Amot Investments: Amot Investments is a Tel Aviv-listed Israeli REIT focused on income-producing office, industrial, and logistics properties. It is the closest direct comparable to Mega Or's industrial/logistics and commercial property business, sharing a similar domestic REIT structure and tenant mix.
• Reit 1 (RIT1): Reit 1 is a Tel Aviv-listed Israeli REIT with logistics, office, and retail assets. It is a partner with Mega Or in the Modin 1 commercial center and is directly comparable as a domestic income-producing REIT.
• Melisron: Melisron is an Israeli public real estate company focused on commercial centers, offices, and logistics. It overlaps directly with Mega Or's commercial centers and industrial/logistics portfolio and competes for the same tenant base in Israel.
• Discount Investment Corporation (Dag Chekel / Deskash): Discount Investment Corporation is an Israeli holding company with major stakes in income-producing real estate (including Gav Yam). Mega Or holds a 29.9% stake, making it a direct structural comparable as an Israeli real estate holding entity.
• Gav Yam: Gav Yam is a major Israeli real estate company operating technology, industrial, and business parks. It is comparable to Mega Or as an income-producing Israeli real estate operator, and is linked via Mega Or's 29.9% stake in Discount Investment Corporation (Dag Chekel).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mega Or