Gazit-Globe. Expanding
Gazit-Globe to invest in Panama real estate
Investment company confirms first ever deal in South America, keeps contract details under raps. Move considered surprising in view of company's refrainment from past investments in developing markets
Israel's Gazit-Globe announced Thursday that it is considering a new strategic real estate investment in Panama, Ynet has learned.
The move is seen as relatively surprising, since Gazit-Globe's chairman, Chaim Katzman, who has controlling interest in the company, has never been partial to investing in developing countries before.
"I try not to do business in a country where people can wake up in the morning and find a tank parked outside their kitchen window," he said in March.
The Panama investment is considered part of the company's new strategy, which includes investing in developing markets such as Mexico, Brazil and India, where Gazit-Globe plans to invest $110 million in a real estate investment fund.
Gazit-Globe plans to invest some $1 billion in its Panama venture, but the company prefers to keep the venture's details under raps for the time being.
"The company in currently looking into several real estate deals in various Central and South American countries, in accordance with its expansion plans," said a statement by the company spokesman.
Gazit-Globe, which is registered for trade in the Tel Aviv Stock Exchange, reported a 102% growth in revenue in its third quarter of 2007 and an 18% increase in income for the same period.
