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.
Gazit-Globe announced that as a result of its previously announced sale of FCR shares, which is still expected to close on or about March 22, it will deconsolidate FCR from its financial statements and present the investment on an equity method basis. In its financial results for the first quarter, the company is expected to recognize an increase of approximately NIS 800M in its shareholders' equity, net of approximately NIS 400M losses related primarily to currency translation. After completion of the sale, the company will own approximately 79.6M shares of FCR, representing approximately 32.7% of the outstanding shares and voting rights of FCR (31.3% on a fully diluted basis).