In the Last 9 Months Gazit Brasil Acquired 3 Shopping Centers in Sao Paulo for a Total Consideration of Approximately US$ 185M
TEL-AVIV, ISRAEL; SAO PAULO, BRAZIL June 07, 2015 – Gazit-Globe (NYSE; TSX; TASE: GZT), one of the world’s leading multi-national real estate companies focused on the management, acquisition, development and redevelopment of supermarket-anchored shopping centers in major urban markets, announced today that its wholly-owned subsidiary, Gazit Brasil Ltda.(“Gazit Brasil”), has acquired Shopping Light, an iconic property in the heart of downtown, Sao Paulo, for R$150 million (approximately US$ 48 million) including transaction costs. In the last 9 months Gazit Brasil acquired 3 shopping centers in Sao Paulo for a total consideration of approximately US$ 185M.
Shopping Light is an urban asset located in downtown Sao Paulo. The property is located close to major public transportation and surrounded by multiple government agencies, universities, courts, the main stock exchange in Latin America and steps away from the Municipal Theater and Sao Paulo’s city hall.
Shopping Light is an iconic property that was built in 1929, transformed into a shopping center in 1994 and has received status as a property for preservation due to its historical importance to the city. The asset has 125 retail units, 200 parking spaces, a total GLA of approximately 18,500 sqm and occupancy of 99% with global and local tenets such as HSBC, Nike, Reebok, Lacoste, McDonalds, post office and a gym. It is estimated that approximately one million people pass through the trade area on a daily basis.
Gazit Brasil CEO, Mia Stark: “The acquisition of Shopping Light, one of Sao Paulo’s iconic properties, reinforces our focused strategy of building a unique portfolio of urban located assets in the business capital of Latin America.”
About Sao Paulo
The city of Sao Paulo, Brazil’s financial capital, is the home of the Brazilian stock exchange BM&FBovespa, Latin America’s largest exchange and the third largest in the world. Sao Paulo is Brazil’s highest GDP city (US $254 billion (in 2011)) and is ranked No. 10 in the world in this category. Its 12 million residents had a per-capita income of US$ 21,625 in 2014. The city offers consumer potential of US$ 88 billion, the first among Brazilian cities.
Sao Paulo was named the Latin American City of the Future in FDi magazine
‘s bi-annual ranking of Cities of the Future in the Americas 2013/14 (and 2015/16) and took second place (after New York) on the overall list. Considered a magnet for foreign direct investment, Sao Paulo pulled in about 500 foreign companies from the United States and Europe during the years 2010-2014; the city is home to 65% of the foreign companies operating in Brazil.
Gazit-Globe is one of the largest owners, developers and operators of predominantly supermarket-anchored shopping centers in major urban markets around the world. 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-25 and Real-Estate 15 indices in Israel. As of March 31, 2015 Gazit-Globe owns and operates 448 properties in more than 20 countries, with a gross leasable area of approximately 6.2 million square meters and a total value of approximately US$ 19 billion. Last month the grope has announced the a acquisition of Sektor Gruppen, Norway’s second largest shopping center company, for €1.5 billion, through its subsidiary Citycon, and became the largest listed retail player in the Nordics and the third largest listed continental European retail player (measured by GAV).