Gazit-Globe Completes Sale of 2.9% of FCR Shares for C$117M
Gazit-Globe (NYSE: GZT) announced today the sale of 6.5 million shares of First Capital Realty (FCR) representing approximately 2.9% of the total outstanding shares of common stock of FCR. The shares were sold on the Toronto Stock Exchange at a price of CAD 18.0 per share for total consideration of approximately CAD 117 million.
Upon completion of the sale, the company will continue to hold approximately 88.6 million shares of FCR, representing 39.3% of the total outstanding common shares of FCR.
Rachel Lavine, CEO of Gazit-Globe said: "The sale of FCR shares compliments our successful equity offering from last week and the sale of Equity One shares in December, which together amounted to NIS 1.4 billion in aggregate proceeds to Gazit-Globe. These actions will increase our financial flexibility and create a capital base for future investments. As with Equity One, we continue to be the largest shareholder of FCR, to whose success we remain committed."
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