Gazit-Globe Unit ProMed To Sell 6 Properties In $205 Mln Deal - Quick Facts

(RTTNews) - Gazit Globe Ltd. (GZT), an Israeli real estate company, Thursday announced that its unit ProMed Properties, Inc. is under contract to sell 6 medical office buildings for a total gross consideration of $205 million, or approximately $328 per square foot.

The 6 properties are comprised of approximately 624 thousand square feet. The transactions are subject to customary closing conditions.

Following the deal closure, and ProMed's previously announced sale in June 2014 of 6 buildings for $200 million, the remaining ProMed portfolio will consist of 4 properties comprising approximately 405 thousand square feet with a total book value of $175 million.

Gazit-Globe said it plans to continue to explore opportunities to maximize value from these remaining assets over time, as part of the strategic process it started in 2012 with the sale of the senior housing business.

Roni Soffer, President of Gazit-Globe, said, "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."

Separately, Gazit-Globe said its unit Gazit Brasil Ltda. has entered into an agreement to purchase "Top Center Shopping" in Sao Paulo, an urban shopping center, for approximately R$ 145 million or $65 million.

Closing of the acquisition remains subject to the fulfillment of certain closing conditions.