Gazit-Globe buys in Boston sells in Munich

Chaim Katzman

The Israeli company has bought a building near Harvard University for $45 million and sold its only building in Germany for €87 million.

Israeli real estate company Gazit-Globe Ltd. (TASE: GZT; TSX: GZT) has bought a property in Boston and sold a property in Munich.

Yesterday Gazit-Globe announced that its Gazit Horizons unit had bought a 4,650 square meter building mixed-use commercial and office building in a square near to Harvard University. Gazit-Globe is paying $45 million to a family, which has owned the building for more than 50 years.

Today Gazit-Globe announced that it has signed a binding agreement to sell an income-producing property in Munich, Germany for €87 million.

These transactions are part of Gazit-Globe's new strategy, announced earlier this year, to sell properties that are not part of their core assets, and focus more on its major cities. The plan is designed to strengthen the company's capital structure and increase liquidity. As part of this strategy, Gazit-Globe recently completed the sale of a property in Northern Macedonia for €18.3 million.

Gazit-Globe founder and CEO Chaim Katzman said, "The sale of our only property in Germany is being done at the full price after we completed enhancing it. The sale is being carried out as part of our strategy of realizing upgraded properties that are not part of our core business."

Published by Globes, Israel business news - en.globes.co.il - on December 24, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Chaim Katzman
Chaim Katzman
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