Gazit Globe Completes Sale of Approximately 1.7 Million Shares of Regency Centers Corporation for Approximately USD 101 Million
February 21 2018 - 5:01PM
TEL-AVIV, Israel, Feb. 21, 2018
(GLOBE NEWSWIRE) -- Gazit-Globe (NYSE:GZT) (TSX:GZT) (TASE:GZT), a
leading global real estate company focused on the ownership,
management and development of retail and mixed use properties in
urban markets, announced that on February 15, 2018, a wholly-owned
subsidiary of the Company sold an aggregate of approximately 1.7
million shares of common stock of Regency Centers Corporation
(NYSE:REG) ("Regency"), representing approximately 1.0% of the
outstanding share capital of Regency, for an aggregate
consideration of approximately $101 million.
In addition, the Company reported
that through January 10, 2018 till January 26 2018 the Company's
wholly owned subsidiary sold approximately 740 thousand Regency
shares, for an aggregate consideration of approximately $48
million, under the 10b5-1(c) plan adopted by the Company. As of the
date of this report the Company cancelled such plan.
Following such sales, the Company
holds approximately 16.0 million shares of Regency common stock,
representing approximately 9.3% of the outstanding share capital
and voting power of Regency.
The Company also reported it has a
position in a basket of equity derivatives relating to securities
of United States real estate companies (which were purchased during
the recent year and do not include Regency), which were acquired,
inter alia, to mitigate potential changes in the Company's
investments in the United States, as well as based on other
business considerations, in the amount of $250 million*. It is
hereby clarified that the Company's position in such derivatives is
independent of its holdings in Regency. The Company is acting to
sell approximately $120 million of such derivatives in the short
term, subject to the discretion of the Company's management and
market conditions.
The sale of Regency shares as well
as the position in such derivatives and its expected sale has no
material impact on the Company.
* An increase and/or decrease in
the share price of such basket of securities of United States real
estate companies that serve as the underlying asset of such
derivatives will result in the opposite outcome in the performance
of such derivatives in a similar rate.
About
Gazit-Globe
Gazit-Globe is a leading global
real estate company focused on the ownership, management and
development of retail and mixed use properties in North America,
Brazil, Israel, northern, central and Eastern Europe, located in
urban growth markets. 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-35
index in Israel. As of September 30, 2017 Gazit-Globe owns and
operates 130 properties, with a gross leasable area of
approximately 2.7 million square meters and a total value of
approximately NIS 37.5 billion. In addition, the Company owns 32.6%
of First Capital Realty Inc and following this sale 9.3% of Regency
Centers Corporation.
FOR
ADDITIONAL INFORMATION
Investors Contact: ir@gazitgroup.com, Media
Contact: press@gazitgroup.com
Gazit-Globe Headquarters, Tel-Aviv, Israel, Tel:
+972 3 6948000
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Source: Gazit-Globe via Globenewswire
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