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TEL-AVIV, Israel and SAO PAULO, Brazil, June 7, 2015 (GLOBE NEWSWIRE) -- Gazit-Globe (NYSE:GZT) (TSX:GZT) (TASE:GZT), one of the world's leading multi-national real estate companies focused on the management, 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 acquired Shopping Light, an iconic property in the heart of downtown, Sao Paulo, for R$150 million (approximately US$ 48 million) including transaction costs. In the last 9 months Gazit Brasil acquired 3 shopping centers in Sao Paulo for a total consideration of approximately US$ 185M.
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=33563
Shopping Light is an urban asset located in downtown Sao Paulo. The property is located close to major public transportation and surrounded by multiple government agencies, universities, courts, the main stock exchange in Latin America and steps away from the Municipal Theater and Sao Paulo's city hall.
Shopping Light is an iconic property that was built in 1929, transformed into a shopping center in 1994 and has received status as a property for preservation due to its historical importance to the city. The asset has 125 retail units, 200 parking spaces, a total GLA of approximately 18,500 sqm and occupancy of 99% with global and local tenets such as HSBC, Nike, Reebok, Lacoste, McDonald's, post office and a gym. It is estimated that approximately one million people pass through the trade area on a daily basis.
Gazit Brasil CEO, Mia Stark: "The acquisition of Shopping Light, one of Sao Paulo's iconic properties, reinforces our focused strategy of building a unique portfolio of urban located assets in the business capital of Latin America."
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. As of March 31, 2015 Gazit-Globe owns and operates 448 properties in more than 20 countries, with a gross leasable area of approximately 6.2 million square meters and a total value of approximately US$ 19 billion.
About Gazit Brasil
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 Gazit Brasil owns and operates 8 shopping centers (one of which is under development) with a total GLA of approximately 110,000 sqm and a total value of about R$1.1B (approximately USD$ 400M).
FOR ADDITIONAL INFORMATION
Gazit Brasil: Media Contact: firstname.lastname@example.org
Gazit Brasil Office, Sao Paulo, Brazil, Tel: +55 11 3508 0800
Rua Olimpíadas 66, 4º andar - Vila Olímpia, São Paulo - SP - Brazil
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.NEXT ARTICLE
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