TEL-AVIV, Israel, Aug. 14, 2014 (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."
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.
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Gazit-Globe Headquarters, Tel-Aviv, Israel, Tel: +972 3 6948000 / New York Office, Tel: +1 212 897 9741
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