Corporate | 14 August 2014 10:42
DGAP-News: Gazit-Globe
14.08.2014 / 10:42
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TEL-AVIV, Israel, 2014-08-14 10:42 CEST (GLOBE NEWSWIRE) --
Gazit-Globe (NYSE:GZT) (TSX:GZT) (TASE:GZT), one of the world's leading
multi-national real estate companies focused on the acquisition, development
and redevelopment of supermarket-anchored shopping centers in major urban
markets, announced today that its wholly-owned subsidiary, ProMed Properties,
Inc. ('ProMed'), is under contract to sell 6 medical office buildings. The
transactions are subject to customary closing conditions.
The 6 properties are comprised of approximately 624 thousand square feet and
are being sold for a total gross consideration of US$ 205 million, or
approximately US$ 328 per square foot.
Following the completion of the transactions mentioned above, and ProMed's
previously announced sale in June 2014 of 6 buildings for US$ 200 million, the
remaining ProMed portfolio will consist of 4 properties comprising
approximately 405 thousand square feet with a total book value of US$ 175
million. As part of the strategic process Gazit-Globe started in 2012 with the
sale of the senior housing business, Gazit-Globe plans to continue to explore
opportunities to maximize value from these remaining assets over time.
Roni Soffer, President of Gazit-Globe: 'These transactions, together with the
properties sold by ProMed in June, are well aligned with our strategy to
recycle capital at compelling valuations and focus on our global retail
business operations. We entered the healthcare real estate sector in the U.S
over a decade ago, and over time, we enhanced and added tremendous value to the
portfolio. After successfully exiting the senior housing business, we are now
taking major steps to strategically monetize our medical office platform. These
transactions have again demonstrated our local management team's ability to
identify and take advantage of business opportunities and realize above market
returns while creating substantial value for our shareholders.'
About Gazit-Globe
Gazit-Globe is one of the largest owners, developers and operators of
predominantly supermarket-anchored shopping centers in major urban markets
around the world. Gazit-Globe is listed on the New York Stock Exchange
(NYSE:GZT), the Toronto Stock Exchange (TSX:GZT) and the Tel Aviv Stock
Exchange (TASE:GZT) and is included in the TA-25 and Real-Estate 15 indices in
Israel. Gazit-Globe owns and operates 570 properties in more than 20 countries,
with a gross leasable area of approximately 6.6 million square meters and a
total value of more than US$ 22 billion.
FOR ADDITIONAL INFORMATION
Investors Contact: IR@gazitgroup.com, Media Contact: press@gazitgroup.com
Gazit-Globe Headquarters, Tel-Aviv, Israel, Tel: +972 3 6948000 / New York
Office, Tel: +1 212 897 9741
FORWARD LOOKING STATEMENTS
This release may contain forward-looking statements within the meaning of
applicable securities laws. In the United States, these statements are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such statements involve a number of known and unknown risks
and uncertainties, many of which are outside our control, that could cause our
future results, performance or achievements to differ significantly from the
results, performance or achievements expressed or implied by such
forward-looking statements. Important factors that could cause or contribute to
such differences include risks detailed in our public filings with the SEC and
the Canadian Securities Administrators. Except as required by applicable law,
we undertake no obligation to update any forward-looking or other statements
herein, whether as a result of new information, future events or otherwise.
News Source: NASDAQ OMX
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Language: English
Company: Gazit-Globe
Israel
ISIN: PAL0605071A3
End of News DGAP News-Service
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