Gazit-Globe
Gazit Globe is a leading global real estate company focused on the ownership, management and development of retail and mixed use properties in major urban markets in North America, Brazil, Israel, Northern, Central and Eastern Europe.
The Group continues to look for opportunities within its core business, in geographies in which it already operates as well as other regions.
The Company’s shares are listed on the Tel Aviv Stock Exchange Ltd. (“TASE”), the New York Stock Exchange (“NYSE”), and the Toronto Stock Exchange (“TSX”), under the ticker symbol “GZT”. As of June 30, 2018, Gazit Globe owns and operates 104 properties, with a gross leasable area of approximately 2.5 million square meters and a total value of approximately NIS 38.2 billion. In addition, As of June 30, 2018, Gazit Globe owned 32.5% of First Capital Realty Inc.
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| Company type | Public |
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| TASE: GZT NYSE: GZT | |
| Industry | Real Estate, Shopping centers |
| Founded | 1982 |
| Headquarters | Tel-Aviv , Israel |
Key people | Chaim Katzman, chairman&CEO Adi Jemini, CFO |
Number of employees | 200 |
| Subsidiaries | First Capital Realty Inc. 32.6%
Citycon Oyj. 47.5% Atrium European Real Estate 60.1% Gazit Globe Israel (Development) 100% Gazit Brazil 100% Gazit Horizons |
| Website | www.gazitglobe.com |
History
Gazit-Globe was founded in 1982. Since May 1991, the company has been controlled by Chaim Katzman, who trained as a lawyer and in 1979 moved to South Florida, where he became 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 conssolidate 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
United States
Gazit Horizons- Business Overview
Established Gazit Horizons as a wholly owned subsidiary in June 2017, with the goal of investing $2-$3 billion over the next 5 years* Gazit Horizons intends to acquire and redevelop large assets in irreplaceable locations, focusing on downtown areas where people live work and play, in the country’s major urban markets, including Miami, New York and Boston.
Gazit Horizons' CEO is Mr. Jeff Mooalem, Before joining Gazit, Mooallem held the position of Senior Vice President and Managing Director at Federal Realty Investment Trust and former President of the West Coast Division of Equity One.
Regency Centers Corporation – in January 2017 Gazit Globe’s U.S. subsidiary, Equity One (NYSE: EQY), merged with Regency Centers creating the largest high-quality supermarket anchored REIT in the US. Regency Centers is included in the S&P 500.
Through 2018 Gazit Globe had disposed its investment in Regency Centers and in July 26, 2018 Gazit Globe fully realized its investment in Regency Centers.
Canada – First Capital Realty
Acquired by Gazit Globe in 2000.
Today FCR is one of Canada’s largest owners, developers and operators of grocery anchored, retail-focused properties, in urban markets with high barriers to entry.
First Capital Realty is traded in the Toronto Stock Exchange under the ticker FCR. As of March 28, 2018, Gazit- Globe owns 32.7% of FCR shares.
Central & Eastern Europe - Atrium [edit]
- Leading owner-operator and developer of food anchored shopping centers
- Opportunistic growth prospects offered by emerging markets
- All properties managed by local management team
Atrium has dual listing on the Vienna and Amsterdam Euronext stock exchanges under the ticker ATRS. As of June 30, 2018, Gazit- Globe owns 60.1% of Atrium shares.
Northern Europe/Nordics - Citycon
- Leading owner-operator and developer of urban, grocery-anchored shopping centers in the Nordic and Baltic regions
- In 2015 entered Norwegian market through the acquisition of Sektor Gruppen €1.5B
- Target urban markets with growing populations
- All properties managed by local management team
Citycon shares are listed on the Nasdaq Helsinki under the ticker CTY. As of June 30, 2018, Gazit- Globe owns 47.5% of Citycon shares.
Israel
Gazit Israel Wholly owned subsidiary of Gazit Globe, Gazit Israel is a leading owner-operator and developer of urban, grocery-anchored, leisure and entertainment shopping centers focused on the high-density Tel Aviv metropolitan market
Gazit Israel is enhancing the quality of the portfolio through selective acquisitions,. (re)development and proactive asset management
Brazil
Gazit Brasil is an urban location-driven retail owner, manager, operator and developer in Sao Paulo, the business capital of South America. Wholly owned subsidiary of Gazit-Globe, the company has become a preeminent force in re-imagining exciting retail and mixed-use destinations. Through proactive management, redevelopment, and acquisitions, Gazit Brasil built, over recent years, a high quality portfolio with exceptional locations that has translated into consistent growth year over year across all metrics.
See also
References
- ^ 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
- ^ Basch, Mark (May 15, 1998), "Equity One's IPO a little low", The Florida Times, retrieved 2010-05-27
- ^ Daniel, Eli (10-06-2004), "Gazit Globe plans to invest $400 million in Baltics", Haaretz, retrieved 2010-05-27
{{citation}}: Check date values in:|date=(help) - ^ "Gazit-Globe completes Meinl European Land takeover", Reuters, 2008-08-03, retrieved 2010-05-27
- ^ Gazit-Globe Ltd. Celebrates Listing and First Day of Trading on the New York Stock Exchange, NYSE press release, Dec. 14, 2011
- ^ [1]
