Gazit-Globe

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Gazit-Globe Ltd.
Type Public
Traded as TASEGZT
NYSEGZT
TSXGZT
Industry Real Estate,
Shopping centers
Founded 1982
Headquarters Tel Aviv, Israel
Key people Chaim Katzman, Chairman
Dori Segal, Executive Vice Chairman
Roni Soffer, President
Revenue Increase 5,249 million (2012)
Operating income Increase 5,309 million (2012)
Profit Increase 2,534 million (2012)
Employees 2000~ (2009)
Subsidiaries Equity One Inc.
First Capital Realty Inc.
Citycon Oyj.
Atrium European Real Estate
Gazit Globe Israel (Development)
Gazit Germany
Gazit Brazil
ProMed Properties Inc.
Website www.gazit-globe.com

Gazit-Globe is one of world’s largest owners, developers and operators of supermarket-anchored shopping centers in major urban markets. In addition, the Company is active in North America in the healthcare real estate sector. Gazit-Globe is listed on the New York Stock Exchange NYSEGZT, the Toronto Stock Exchange TSXGZT and the Tel Aviv Stock Exchange TASEGZT and is included in the TA-25 and Real-Estate 15 indices in Israel. Gazit-Globe owns and operates 592 properties in more than 20 countries, with a gross leasable area of approximately 6.7 million square meters and a total value of more than US$20 billion.

History[edit]

Gazit-Globe was founded in 1982, since May 1991 the company is controlled by Chaim Katzman.

Chaim Katzman (born in Tel Aviv 1949) trained as a lawyer and in 1979 moved to South Florida, where he started to be involved in the development and management of commercial and residential real estate. During the 1980s he also started developing his real estate business in Israel, and was able to consolidate his holding in Gazit-Globe, at the time a corporate shell with no business operations.[1]

The holding in Gazit-Globe enabled Katzman to draw investors to help him acquire additional retail centers, and it became a vehicle to raise capital for further property and business acquisitions.[1]

In 1992, Katzman formed Equity One as a partially owned subsidiary of Gazit that operate as a Real estate investment trust (REIT). Equity One grew gradually during the mid-1990s and in 1998 the company had an initial public offering on the New York Stock Exchange, Gazit-Globe retained partial ownership of Equity One after the business was spun off as a stand-alone company. Going public provided Equity One with access to US capital markets and hastened its growth. Equity One won over investors seeking steady dividend income.[2]

In 2004 Gazit acquired 33% of Citycon, a Finnish public company which focuses on commercial real estate in the Nordic region. In the following years Gazit increased its stake in the company to 47%.[3]

In August 2008 Gazit-Globe finalised the takeover of the troubled European property developer Meinl European Land (MELV.VI.), Gazit together with Citigroup jointly invested 800 million euros in Meinl Land. The move strengthened Gazit's foothold in the Eastern European and Russian markets. Following the takeover, Meinl's name was changed to Atrium European Real Estate Limited and a new board of directors and management was appointed.[4]

In December 2011, Gazit-Globe had an initial public offering on the New York Stock Exchange, which raised USD $81.0 million in gross proceeds. Its stock is traded under the ticker symbol “GZT”.[5]

In October 2013, Gazit-Globe listed its shares on the Toronto Stock Exchange under the ticker symbol "GZT" [6]

Major Holdings[edit]

United States[edit]

  • Equity One Inc. (45.3%) - a real estate investment trust (REIT) listed on the New York Stock Exchange (NYSE: EQY). Equity One owns, develops and operates shopping centers located in strategic metropolitan areas across the United States. These centers are anchored by leading supermarkets, pharmacies and retail store chains.[2]
  • ProMed Properties Inc. (100%) - is a privately held company engaged in the acquisition and management of medical office and medical-research buildings throughout the United States. ProMed’s focus is on locations near best-in-class hospitals and medical research universities.[7]

Canada[edit]

  • First Capital Realty Inc. (45.4%) - is listed on the Toronto Stock Exchange (TSX: FCR). FCR is Canada’s leading owner, developer and operator of supermarket and drug store anchored neighborhood and community shopping centers located predominantly in growing metropolitan areas.[7]

Europe[edit]

  • Citycon Oyj. (49.3%) - is listed on the OMX Nordic Stock Exchange (OMX: CTY1S). Citycon owns, develops and operates shopping centers and commercial properties. Citycon is the market leader in Finland, with strong position is Sweden and a firm foothold in the Baltic countries.[3]
  • Atrium European Real Estate Limited (39.9%) - is listed on the Euronext as well as on Vienna Stock Exchange (ATX/Euronext: ARTS). Atrium specializes in the acquisition, development and management of shopping centers in Central and Eastern Europe.
  • Gazit Germany (100%) - is a privately held company that is active in the shopping centers sector in Germany.

Israel[edit]

  • Gazit-Globe Israel (Development) Ltd. (82.5%) - is a privately held company that is active in the acquisition, development and management of shopping centers in Israel. Gazit-Globe Israel (Development) is also active in Bulgaria and Macedonia. Gazit-Globe Israel is also the controlling shareholder of Dori Group (73.9%), a public company traded on the Tel-Aviv Stock Exchange (TASE: DORI) and one of Israel’s leading construction companies. Dori Group is active in a wide array of real estate development and construction activities in Israel and overseas.

Brazil[edit]

  • Gazit Brazil (100%) - is a privately held company active in the acquisition, development and management of shopping centers in Brazil.

External links[edit]

References[edit]

  1. ^ a b Seemuth, Mike (Sep 2004), "One buy at a time: Equity One CEO Chaim Katzman has proven to be a savvy shopper", South Florida CEO, retrieved 2010-05-26 
  2. ^ a b Basch, Mark (May 15, 1998), "Equity One's IPO a little low", The Florida Times, retrieved 2010-05-27 
  3. ^ a b Daniel, Eli (10-06-04), "Gazit Globe plans to invest $400 million in Baltics", Haaretz, retrieved 2010-05-27 
  4. ^ "Gazit-Globe completes Meinl European Land takeover", Reuters, 2008-08-03, retrieved 2010-05-27 
  5. ^ Gazit-Globe Ltd. Celebrates Listing and First Day of Trading on the New York Stock Exchange, NYSE press release, Dec. 14, 2011
  6. ^ [1]
  7. ^ a b Dun & Bradstreet, Company Profile - Dun's 100 Israel's Largest Enterprises 2009, retrieved 2010-05-26