Gazit Globe is expanding in the US – the capital market

Gazit Globe sells properties and sells a property in Germany worth NIS 342 million (87 million euros). Earlier this month, it sold land in Macedonia for NIS 72 million. These actions are part of the company’s desire to strengthen its capital at the expense of non – core assets.

The property for sale is located in Munich, purchased in 2008 for about 41.6 million euros (about 164 million shekels), and has an area for rent of about 24,000 square meters. – 18.3 million euros (about 72 million shekels).

Announced yesterday

Gazit Globe
+ 0.05%

Base:1,930

opening:1,920

Tall:1,950

low:1,920

change:1,065,431

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, Because its wholly owned subsidiary, Gazit Horizon, purchased a 4,650-square-foot building near Harvard University for mixed-use commercial and office use, for about $ 45 million, from a family-owned property management company that owned the building for more than 50 years.

Following the company’s desire to strengthen capital and increase liquidity, a new series of bonds was issued in October, Tu bonds, while providing liens. The lien included four properties in Israel with a total value of more than NIS 400 million.

Zvi Gordon, VP of Investments, Gazit Globe: “The property sold is further proof of the company’s ability to improve properties through proactive management, which included, among other things, turning part of the property from residential offices and renting space from the property to the Munich municipality. The property sold is the only property we held in Germany and despite the uncertainty in the markets against the background of the Corona epidemic, it was sold at full price similar to its value in the Company’s books as of September 30, 2020 (IFRS). ”

Haim Katzman, founder and CEO of Gazit Globe: “The sale of our only property in Germany takes place after we have completed its improvement process and at full price. The sale is made as part of the strategy we announced for the realization of assets whose improvement has been completed and which are not at the core of our business. “We will continue to operate in line with our strategic plan to realize non-core assets after their completion and at full cost, which will increase and strengthen our capital structure and liquidity balances alongside identifying unique opportunities in our core business areas similar to our announcement last night of the property acquisition in Boston.”