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RNS - Gazit Brasil Acquires Top Center Shopping on Paulista Avenue in Sao Paulo for Approximately R$ 145M (USD$ 65M)

Company: Norstar Israel Ltd. Date: 2014-08-14 Language: English Register to download

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 News Details

Corporate | 14 August 2014 10:51

#   

Gazit Brasil Acquires Top Center Shopping on Paulista Avenue in Sao Paulo for Approximately R$ 145M (USD$ 65M)

DGAP-News: Gazit-Globe

14.08.2014 / 10:51

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TEL-AVIV, Israel and SAO PAULO, Brazil, 2014-08-14 10:51 CEST (GLOBE NEWSWIRE)
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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, Gazit Brasil
Ltda.('Gazit Brasil'), has entered into an agreement to purchase 'Top Center
Shopping' in Sao Paulo, for approximately R$ 145 million (USD$ 65 million).
Closing of the acquisition remains subject to the fulfillment of certain
closing conditions. 

Top Center Shopping is an urban shopping center, part of a mixed used project
located on Paulista Avenue, a 3 kilometer landmark avenue in the heart of Sao
Paulo, the main business center of Brazil. It is estimated that more than 1.5
million people in Sao Paulo commute to Paulista Avenue each day, which is home
to a large number of financial institutions. 

The total GLA of the shopping center is 6,400 square meters with tenants such
as Starbucks, McDonald's, Kopenhagen and Havaianas. About 1,075,000 inhabitants
live within a 5-kilometer-radius of the property with an average annual
household income of R$ 150,000, double the city average. 

Gazit Brasil CEO, Mia Stark: 'This acquisition, the third asset that we have
purchased in the city, with its high barriers to entry and excellent
demographics, is well-aligned with the focused strategy of the company to
acquire and own high-quality urban assets in the state of Sao Paulo.' 

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 577 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. 

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 and based on the value of the
assets as of March 31, 2014, Gazit Brasil will own and operate 6 shopping
centers (one of which is under development) with a total GLA of approximately
45,000 square meters and a total value of R$ 550 million (USD$ 240M). 

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. 

FOR ADDITIONAL INFORMATION

Gazit-Globe: 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                                                   
Gazit Brazil: Mia Stark, CEO, Gazit-Brasil, Main: +55 11 3508 0830              
 mstark@gazitgroup.com                                                          
Rua Olimpiadas 66, 4:o andar - Vila Olimpia, Sao Paulo - SP - Brasil
News Source: NASDAQ OMX



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14.08.2014 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:    English       
Company:     Gazit-Globe   
 
 
             Israel        
ISIN:        PAL0605071A3  
 
 
End of News    DGAP News-Service  
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282295 14.08.2014