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Norstar Israel Ltd. — M&A Activity 2012
Aug 16, 2012
6953_rns_2012-08-16_12b30c5a-2dd7-411e-b5c0-8ebba93b39d3.html
M&A Activity
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Corporate | 16 August 2012 09:09
Gazit-Globe: Royal Senior Care Completes Transaction to Sell the Majority of Its Wholly-Owned Senior Housing Facilities for a Total of Approximately US$ 230 Million
Gazit-Globe
16.08.2012 09:09
TEL-AVIV, Israel, 2012-08-16 09:09 CEST (GLOBE NEWSWIRE) --
Gazit-Globe (TASE:GLOB) (NYSE:GZT), one of the world's leading multi-national
real estate companies focused on acquisition, development and redevelopment of
supermarket-anchored shopping centers announced today that its private
subsidiary, Royal Senior Care, LLC and its members ('RSC'), completed a
transaction to sell the majority of its wholly-owned senior housing facilities.
Royal Senior Care, LLC is a private subsidiary in which Gazit Senior Care, Inc.
(a private subsidiary fully owned by Gazit-Globe) holds a 60% interest and is
active in the senior housing field in the United States. The senior housing
facilities, which include 1,310 units, are being sold for a total gross
consideration, before debt and transaction costs, of US$ 230 million, or US$
175,500 per unit on average, (of which Gazit-Globe's portion is US$ 138
million).
RSC will continue to own and manage its joint venture interest in two senior
housing facilities, one fully owned senior housing community, and a tract of
land held for future development.
As result of this transaction, Gazit-Globe will record a gain of approximately
US$ 18 million and net proceeds of approximately US$ 70 million.
Roni Soffer, President of Gazit-Globe: 'We are pleased to announce the closing
of this transaction. This transaction is a great achievement for our local team
which shows the group's ability to successfully acquire, manage, and develop
properties and platforms, including within the health care real estate sector.
It also shows our ability to take advantage of business opportunities, realize
suitable returns and create value for our shareholders. This transaction is
another step in our strategy to focus management's attention on our main
business operations, to recycle capital to those operations, and to
continuously enhance our corporate efficiency, all while we explore new
opportunities in the global real estate markets.'
ABOUT GAZIT-GLOBE
Gazit-Globe is one of the largest owners and operators of supermarket-anchored
shopping centers in the world. In addition, the Company is active in North
America in the healthcare real estate sector. Gazit-Globe is listed on the Tel
Aviv Stock Exchange (TASE:GLOB) and is included in the TA-25 and the
Real-Estate 15 indices in Israel. The Company is also listed on the New York
Stock Exchange (NYSE:GZT). The Group operates properties with a total value of
approximately $19.0 billion in more than 20 countries and owns and operates
over 600 properties with a gross leasable area of approximately 6.7 million
square meters. www.gazit-globe.com.
FORWARD LOOKING STATEMENTS
This release may contain forward-looking statements within the meaning of the
U.S. federal securities laws. 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. Except
as required by 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.
CONTACT: Media Contact: [email protected]
Investors Contact: [email protected]
Gazit-Globe Headquarters,
1 HaShalom Rd., Tel-Aviv, Israel,
Tel: +972 3 6948000
For additional information:
Gadi Cunia,
Senior Executive VP and CFO
News Source: NASDAQ OMX
16.08.2012 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Language: English
Company: Gazit-Globe
Israel
Phone:
Fax:
E-mail:
Internet:
ISIN: PAL0605071A3
WKN:
End of Announcement DGAP News-Service