Gazit-Globe's wholly owned subsidiary Gazit Horizons has acquired a 60,000 square foot retail condominium complex in the Williamsburg section of Brooklyn for $47.3M or $790 per square foot. The acquisition is Gazit's second in Brooklyn in the last two months, and third overall in New York City. The asset in Williamsburg is the retail component of The Edge, a master-planned luxury complex that includes over 900 residential units, a 500 space parking garage, 1.75 acres of open space, and a New York City ferry terminal transporting commuters and visitors to Wall Street and Midtown Manhattan. The 60,000 square foot Edge Retail complex is anchored by a CVS Pharmacy and Brooklyn Harvest market and is 81% leased.
Gazit-Globe announced that its wholly owned subsidiary, Gazit Horizons, has entered into a joint venture for the leasehold interest in Ceasar's Bay Bazaar, a 300,000 square foot shopping center on 14 acres along the Brooklyn, New York waterfront, and has also acquired two additional assets in Boston, Massachusetts. The property in Brooklyn, in which Gazit acquired a 41% economic interest and 50% voting interest, is one of the strongest retailer sales volume locations in metro New York, and is directly accessible from the Belt Parkway. In addition, Gazit Horizons announced that it has acquired two assets in the Downtown Crossing district of Boston, at 467 Washington Street and 43 Winter Street.
Gazit-Globe announced that Dori Segal is stepping down as Vice Chairman of the board and CEO of the company and from all his other executive roles in the company on January 31, 2018. Chaim Katzman, the chairman of the company, will assume the position of CEO as of such date.
Gazit-Globe announced that its wholly owned subsidiary, Gazit Brasil, has entered into a binding agreement to acquire 70% of Internacional Shopping, a 77,000 sqm shopping mall in the northern part of metropolitan Sao Paulo, for approximately $281M, excluding closing costs. The all-cash deal is expected to close in the later part of first quarter 2018, and will be funded by recent dispositions including gains on sales of assets, retained free cash flow and other sources of company capital.
Gazit-Globe announced that its wholly owned subsidiary, Gazit Brasil, completed the sale of Extra Itaim in Sao Paulo for total proceeds of R$350M realizing a cash gain of R$140M. The sale price represents a gain of R$108M above the IFRS value in Gazit-Globe financial reports as of September 30, 2017.
Gazit-Globe announced that its wholly owned subsidiary, Gazit Horizons, has acquired its first asset in the New York market, a three-level, 92,000-square-foot retail condominium on Manhattan's upper east side, for $73.25M, or just below $800 per square foot.