Bank Discount funds Israel's largest solar project. Moody's upgrades Phoenix. RE deal notes.
Re: February 3, 2026 in Israel - and what it all means for investors at home and abroad.
Quick Takes:
Energy: Discount Bank leads an ₪800 million financing round for Israel’s largest solar-storage project in the Negev.
Finance & Insurance: Moody’s upgrades The Phoenix to A3.
Real Estate: Mindspace signs a mega-lease in Givatayim; Menivim REIT acquires control of Shaniv Real Estate; Yesodot Eitanim wins Kiryat Bialik tender.
Tech: Buff Technologies secures $650k in new orders and enters the Minecraft ecosystem.
Regulation: The Knesset Economic Affairs Committee slams the government as parking prices spike.
Energy & Infrastructure
A massive restructuring day for Shaniv Industries, the paper and cleaning products manufacturer, involving two simultaneous deals to deleverage and pivot the company.
The Manor Evergreen Fund (led by Avi Ortal) is acquiring the controlling stake (~41%) from the Brent family at a valuation of ₪435-485 million (dependent on future stock performance). CEO Pesach Brent will reinvest to hold 2.3% and remain in his role for three years. Kibbutz Sasa retains 24.2%.
Discount Bank (TASE:DSCT) has signed an ₪800 million financing agreement with Refek Energy (75%) and Shamir Energy (25%) - a subsidiary of Mivtach Shamir (TASE:MISH). The capital will fund Israel’s largest solar project to date, located on 1,400 dunams of industrial land in the Negev. It features 174 MW (DC) of generation and a massive 937 MWh of storage capacity. The project will sell electricity directly to virtual suppliers rather than solely to the grid manager, aiming for commercial operations in H2 2027.
Our take - This double move slashes Shaniv's financial debt by ₪145 million, freeing up capital to transition from a private-label manufacturer to a brand-focused player (Touch, TNX).
Finance & Insurance
Following the stabilization of Israel’s credit outlook, Moody’s has upgraded the financial strength rating of The Phoenix Holdings (TASE:PHOE) from Baa1 to A3.
Moody’s cites the reduced risk of a sovereign downgrade, combined with The Phoenix’s strong capital buffers and liquidity. The rating remains capped at A2 due to the company’s exposure to the local economy.
While credit ratings improve, regulatory pressure mounts. The Knesset is debating a Bank of Israel reform to cap current account fees at ₪10 for 100 operations. The regulator estimates this will cut system-wide banking revenues by up to ₪200 million annually, sparking opposition from the Association of Banks.
Real Estate
Menivim REIT (TASE:MNVM) is expanding its industrial footprint, acquiring control of Shaniv Real Estate (a subsidiary of Shaniv Industries (TASE:SHAN) for ₪56.4 million.
The deal structure is a classic sale-leaseback structure. Shaniv Industries will lease the properties (logistics/industrial sites in Dalton and Ofakim) back for 13-20 years. For Shaniv, this is a major deleveraging event, slashing financial debt by ₪145 million. For Menivim, it secures stable assets with projected NOI rising to ₪13 million, plus development rights in Ofakim valued at ₪100 million.
Despite remote work trends, the demand for premium flexible space is surging. Mindspace announced a massive expansion, leasing 10,000 sqm in the “Beyond” tower (owned by Tidhar and Union Group) in Givatayim. The site, opening in 2027, will include a conference center for 1,000 attendees.
Yesodot Eitanim notified the TASE of a win on Ben Gurion Street in Kiryat Bialik. The developer (alongside a partner) will demolish 18 units to construct 100 new apartments. CEO Omer Yachimovich estimates a 5-6 year timeline for permits.
Technology
Buff Technologies (TASE:BUFT), the gaming loyalty platform, reported $650,000 in new direct campaign orders.
The company is expanding its direct advertising channel via new agencies in Asia, LatAm, and the US. Crucially, Buff is entering the Minecraft ecosystem, a platform where it previously had minimal presence, signaling a strategy to broaden its user base beyond competitive shooters.
Regulation & Executive Moves
A classic case of regulatory backfire took center stage at the Knesset Economic Affairs Committee today. The ‘Parking Law,’ intended to lower costs by mandating billing by the minute, has led to a 30% price hike in 70% of parking lots.
Committee Chair MK David Bitan accused the Ministries of Transport and Interior of incompetence for failing to utilize their authority to cap prices during the transition. Bitan refused to repeal the law, instead demanding market corrections and accusing operators of price gouging.
Governor Amir Yaron appoints ex-Shin Bet official Yoram Cohen as the new Director General of the Bank of Israel.
TASE snapshot for Monday, Feb. 3, 2026
TA-35 Index (TASE:TA35): 🟢 +1.74%
TA-90 (TASE:TA90): 🟢 +1.39%
TA-125 (TASE:TA125): 🟢 +1.65%
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