Chaim Katzman, Chairman of Gazit-Globe
Gazit-Globe acquires assets in Canada and Sweden
After presenting record profits in first quarter of 2007, Gazit-Globe Group reports purchasing four shopping centers in Canada, one in Sweden for total of $114 million
Chaim Katzman's Gazit-Globe Ltd. reported several acquisitions of income-yielding properties on Wednesday. The company has purchased four Canadian shopping centers over a total of 15,000 sq. m. (161,500 sq. f.) for a total of $42.5 million (CAD 46 million).
The centers were purchased via a subsidiary of Gazit-Globe, First Capital Reality Inc. (54 percent) that is traded on the Toronto stock exchange. The properties are located in Ontario, Alberta and Edmonton.
In addition, via another Finish subsidiary Citycon Oyj. (39 percent), Gazit-Globe also purchased a property in Sweden for $72 million (EUR 53.3 million). The property is a 25,000 sq. m. (269,000 sq. f.) shopping center in the northern town of Umea. The company plans to double the size of the center in the near future.
Gazit-Globe published its financial reports for the first quarter of 2007. The report revealed record profits of NIS 235 million ($58 million), compared to 40 million ($10 million) in the first quarter of 2006. The increase in the company's profits is owed to implementing, for the first time, international financial report standards in the company's reports.
Gazit-Globe is one of the biggest yielding real estae in Israel and is traded at a market value NIS 6.4 billion ($1.6 billion). The company acquires, develops and manages yielding assets, directly and via subsidiaries, focusing on supermarket-anchored shopping centers.
The group owns a total of 462 assets over 4.5 million sq. m. (48.5 million sq. f.) that yield annual rent of NIS 3.3 billion ($815 million).
