Gazit-Globe Israel CEO Ronen Ashkenazi: The best way for us to raise capital is by bringing in partners to our active and stable malls.
Gazit-Globe Ltd. (TASE: GLOB) subsidiary Gazit-Globe Israel Ltd. sold 49% stake in three malls to REIT 1 Ltd. (TASE:RIT1) for NIS 315 million. The malls are the G Rothschild Mall in Rishon LeZion, G Ba'Emek Mall in Afula, and the G Yokne'am.
Gazit-Globe Israel CEO Ronen Ashkenazi told "Globes", "The best way for us to raise capital is by bringing in partners to our active and stable malls. We prefer to do this with partners, especially from the real estate sector, with whom we can live with for the next 20 years because we don’t intend to sell the properties. From this perspective, REIT 1 is a classic partner."
Ashkenazi said that the company would use the proceeds from the sale for the G Ramat Aviv and G Eilat malls.
Published by Globes [online], Israel business news - www.globes-online.com - on December 7, 2009
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