Mediterranean Towers Ltd.
Israel's leading assisted-living and senior-housing network, operating eight retirement communities across the country.
Last updated September 27, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
Mediterranean Towers Ltd. (Hebrew: מגדלי הים התיכון בע"מ) is an Israeli public company that operates the country's largest network of assisted-living residences for the elderly. The company traces its origins to 1981, when it was founded as "Mishkenot Klal," a subsidiary of Klal Real Estate and Azorim, both part of the Klal conglomerate. In 1984 the flagship project on the Bat Yam seafront was renamed "Mediterranean Towers," and its first phase of 180 apartments opened in 1986, introducing a then-novel concept in Israel: independent-living retirement communities with hotel-like amenities rather than traditional nursing homes. Over the following decades the company expanded across Israel, building or acquiring residences in Kfar Saba, Nordia, Savyon, Ramat HaSharon, Jerusalem, Ganei Tikva and Rehovot. It operates roughly 2,000 housing units in eight active homes, offering independent seniors a combination of private apartments, communal facilities such as restaurants, cafés, swimming pools, gyms, clinics and cultural halls, and 24/7 health services. The company markets a philosophy it calls the "Five Elements of the New Age," focused on purpose, learning, fitness, social connections and nutrition. Mediterranean Towers has been publicly traded on the Tel Aviv Stock Exchange since March 2014, following its rebranding from Magic Future Ltd. in November 2013. Its ownership has changed hands several times, passing through Gazit Globe, Ganden Investments, Leo Noé's REIT Israel, and since 2010 a consortium including Europort, Bereshit and KCPS funds. As of 2025, a control group holding 46% includes businessmen Moti Kirschenbaum, Boris Levin, David Fattal, Yair Saroussi and Chen Lamdan, while 54% is held by the public. In January 2024 the company announced a joint venture with Clal Insurance to develop new assisted-living projects with an investment of NIS 3 billion, and in March 2025 it declared a dividend of NIS 100 million.
History
Mediterranean Towers Ltd. was originally established as "Mishkenot Klal," a subsidiary of Klal Real Estate and Azorim, both part of the Klal conglomerate. In 1981 the company purchased an unfinished hotel shell on the Bat Yam seafront, originally intended as the 150-room "Mitzpe Yam" hotel whose construction had halted in 1978 and which had been placed under receivership. In 1984 the project was renamed "Mediterranean Towers." The first phase, completed in 1986, comprised 180 apartments with a swimming pool, spa, clinic and cultural room — a concept that was innovative for elderly housing in Israel at the time. The company offered purchase, rental and timeshare options, including to Jewish clients from Europe and the United States. Following the project's success, a second phase with a second building was launched. In 1991 Mishkenot Klal began construction of a second project, "Mishkenot HaSharon" in Kfar Saba, in partnership with Poalim Investments (later Polar Investments). The project spans 32 dunams and includes 310 housing units; 190 units were built in phase one, and 120 more in phase two in 1998. In 1997 the company began a third project in partnership with Moshav Nordia and Polar Investments, building 176 units on 32 dunams of former agricultural land in phase one. In 2004 it acquired Polar Investments' share, and in 2005 began phase two with 124 additional units on 22 more dunams. In September 2000, real estate company Gazit Globe acquired 50% of Mishkenot Klal for $16.5 million. In June 2001, Azorim sold its income-producing real estate (Azorim Properties), including Mishkenot Klal, to Nochi Dankner's Ganden Investments. In October 2003, Ganden sold its control of Azorim Properties for approximately NIS 400 million to Leo Noé's REIT Israel fund. In July 2005, Gazit Globe sold its stake back to Azorim Properties, giving Leo Noé 100% ownership. In May the company raised NIS 150 million through a private bond issuance to institutional investors. In April 2010, real estate company Europort, together with Bereshit and KCPS funds of Claridity Capital, completed the acquisition of control of Mishkenot Klal from Leo Noé through Magic Future Ltd., which became the 100% owner. In November 2013, Magic Future changed its name to Mediterranean Towers Ltd., and in March 2014 the company completed an initial public offering on the Tel Aviv Stock Exchange, with a valuation of NIS 650 million on the day of the offering. Magic Future itself also owned an assisted-living project in Ramat HaSharon, built in partnership with Gamol Investments. In January 2024 the company announced a joint venture with Clal Insurance to build new assisted-living projects with an investment of NIS 3 billion. As of 2025, the company's control group, holding 46% ownership, includes businessmen Moti Kirschenbaum, Boris Levin, David Fattal, Yair Saroussi and Chen Lamdan, while the remaining 54% is publicly held. In March 2025 the company announced it would distribute a dividend of NIS 100 million.
- 2025
Rehovot residence (250 units) begins occupancy; announces NIS 100 million dividend
- 2024
Announces joint venture with Clal Insurance for NIS 3 billion in new projects
- 2019
Acquires Club 50 (renamed BigTime 60+ in 2020); begins construction of Rehovot project at cost of NIS 350 million
- 2017
Ganei Tikva and Jerusalem residences inaugurated
- 2014
IPO on Tel Aviv Stock Exchange; valuation of NIS 650 million on listing day
- 2013
Magic Future renamed Mediterranean Towers Ltd.
- 2010
Europort, Bereshit and KCPS funds complete acquisition of control from Leo Noé via Magic Future
- 2005
Gazit Globe sells stake back to Azorim Properties; Leo Noé holds 100%; Savyon Junction building acquired for $27 million
- 2004
Company acquires Polar Investments' share in Nordia project
- 2003
Ganden sells control of Azorim Properties to Leo Noé's REIT Israel for ~NIS 400 million
Products and positioning
Israel's leading, most innovative and prestigious assisted-living network for the elderly, emphasizing an active, meaningful lifestyle.
Assisted-living apartments
Private apartments of various sizes in retirement communities, with maintenance, security, health services and leisure facilities.
BigTime 60+ (formerly Club 50)
A consumer and lifestyle club for people aged 50 and over, acquired in 2019 and renamed in 2020.
Five Elements of the New Age program
A wellness philosophy based on purpose, learning, fitness, social connections and nutrition, implemented in daily life at the residences.
Sources4 sources
Cite this profile: Cite the canonical profile. /brand-wiki/mediterranean-towers · Editorial policy · How profiles are compiled