Gazit-Globe said that it had received an offer to buy its Israeli shopping centers that does not reflect a significant premium to its book value.
Israeli shopping center real estate developer Gazit-Globe Ltd. (NYSE: GZT; TASE: GZT; TSX: GZT) today announced that it has decided to terminate the sale process of its Israeli shopping center portfolio mainly the G malls chain. The company said that this was part of its new strategy to increase the component of private real estate in its portfolio, and that it would continue to develop its portfolio and enhance its value.
Gazit-Globe said that it had received an offer to acquire its shopping centers in Israel that does not reflect a significant premium to its book value.
Gazit-Globe CEO Rachel Lavine said, “The potential sale had a broad interest from both local and international investors. Following a comprehensive process we recently received a final offer from a third party to acquire the portfolio. The final offer did not meet the pre-conditions that we had set for the sale of the portfolio. Therefore, we have decided to terminate the sale process which is in line with our new strategy to increase the private real estate portion of our business. The portfolio performs well and we will continue to develop it and create value within it.”
Published by Globes [online], Israel business news - www.globes-online.com - on March 2, 2016
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