Gazit-Globe reduces its stake in BR Malls, to below 5%, which represents approximately NIS 130 million profit, and additionally increases its investment in the Top Center Complex in Sao Paulo by ap...
(Thomson Reuters ONE) -
Since acquiring Top Center Shopping in September 2014, its NOI has increased by
approximately 30% as a result of proactive management
TEL-AVIV, Israel, July 03, 2016 (GLOBE NEWSWIRE) -- Gazit-Globe (NYSE:GZT)
(TSX:GZT) (TASE:GZT), one of the world's leading multi-national real estate
companies focused on the management, acquisition, development and redevelopment
of supermarket-anchored shopping centers in major urban markets, announced today
that it has sold part of the shares of BR Malls it owns thereby decreasing its
stake to below 5%. The value of the shares of BR Malls as of June 30, 2016,
reflects a realized gain of NIS 40 million on the shares sold and an unrealized
gain of approximately NIS 90 million on the remaining unsold shares.
Additionally, the Company's wholly owned subsidiary, Gazit Brasil, acquired the
office building and the parking garage located above and below Top Center
Shopping in Sao Paulo, Brazil for approximately 153 million Brazilian Reals
(approximately $47 million) financed principally from the proceeds of the sale
of shares in BR MALLS mentioned above.
Top Center Shopping is an urban mixed use property, which includes a shopping
center, an office building and a 370 car parking garage located on Paulista
Avenue, a landmark avenue in the heart of Sao Paulo, the main business center of
Brazil. It is estimated that more than 1.5 million residents of Sao Paulo
commute to Paulista Avenue each day, which is home to a large number of
financial institutions. The office building comprises 17 stories and has a gross
leasable area (GLA) of approximately 13,450 square meters. The building is
occupied by major tenants such as the Consulate of Japan, Dow Jones, Procter &
Gamble, Goodyear and others. The NOI of the shopping center, which currently
enjoys 100% occupancy, increased by 30% since it was acquired by Gazit Brasil in
September 2014, as a result of pro-active management of its wholly owned
subsidiary, Gazit Brasil, managed by Mia Stark, its CEO.
Rachel Lavine, CEO of Gazit-Globe: "We are pleased to show an impressive profit
from our investment in BR Malls, and will continue to explore the possibilities
for the sale or purchase of additional shares based on market conditions and the
alternatives for direct investment in real estate. The acquisition of the office
building and the underground garage provides us with an opportunity to expand
the shopping center space and create operational synergies, converting some
office space into retail units, improving the shopping center area and utilizing
to greater efficiency."
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. As
of March 31, 2016, Gazit-Globe owns and operates 439 properties in more than 20
countries, with a gross leasable area of approximately 6.5 million square meters
and a total value of more NIS 80 billion.
Gazit Brasil is a wholly-owned subsidiary of Gazit-Globe. Gazit Brasil is active
in the acquisition, development and management of shopping centers in Brazil.
With the closing of this transaction Gazit Brasil will own and operate 9 Assets
(one of which is under development) with a total GLA of approximately 125,000
square meters and a total value of R$ 1.4 billion (USD$ 440M).
More information is available on the company website: www.gazit-globe.com
In accordance with Section 203.01 of the New York Stock Exchange Listed Company
Manual, Gazit-Globe has filed its 2015 Annual Report on Form 20-F on April
22, 2016 with the U.S. Securities and Exchange Commission. The annual report can
be found on the company's website at www.gazit-globe.com as well as on the SEC
website at www.sec.gov. In addition, security holders may request a hard copy of
the annual report, which includes the company's complete audited financial
statements, free of charge. Requests can be made by contacting Gazit-Globe
Investor Relations at ir(at)gazitgroup.com or by phone at Israel, Tel:
+972 3 694 8000.
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.
Gazit-Globe Ltd.
1 HaShalom Rd.
Tel Aviv, Israel 67892
+972 3 694 8000
For additional information:
Adi Jemini
CFO, Gazit-Globe
FOR ADDITIONAL INFORMATION
Gazit-Globe: Investors Contact: ir(at)gazitgroup.com, Media
Contact: press(at)gazitgroup.com
Gazit-Globe Headquarters, Tel-Aviv, Israel, Tel: +972 3 6948000
Gazit Brazil: Mia Stark, CEO, Gazit Brasil, Main:
+55 11 3508 0830 mstark(at)gazitbrasil.com
Rua Olimpíadas 66, 4º andar - Vila Olímpia, São Paulo - SP - Brasil
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Gazit-Globe via GlobeNewswire
[HUG#2024994]
Unternehmensinformation / Kurzprofil:
Datum: 03.07.2016 - 14:18 Uhr
Sprache: Deutsch
News-ID 481319
Anzahl Zeichen: 7033
contact information:
Town:
TEL AVIV-YAFO
Kategorie:
Business News
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