Gazit-Globe – GZT – Announces the Acquisition of Prado Shopping Center
Gazit – Globe (NYSE: GZT), one of the largest owners and operators of supermarket – anchored shopping centers in the world, announces that its private subsidiary , Gazit Brazil , has completed the acquisition of Prado Shopping Center located in the city of Campinas , in the state of Sao Paulo , Brazil, for BRL 40 million (approximately US$ 20 million).
The city of Campinas , which is located approximately 100 kilometers northwest from the state capital , Sao Paulo City , has an affluent population and is considered to be one of the richest cities in Brazil, hosting multiple domestic and international companies.
Prado Shopping Center comprises of 9,500 square meters of GLA and is anchored by Pao de Acucar, one of the leading supermarket chains in Brazil. The property is situated on one of the city’s main streets that serves as a direct traffic artery to the city center ; approximately 130,000 inhabitants live within a 3 kilometer radius of the property and approximately 470,000 within a 6 kilometer radius. Prado Shopping Center offers entertainment with a 4 – auditorium movie theater, as well as convenience services that include a bank, a pharmacy, a food court with McDonalds, Subway and other restaurants , a fitness center, a hair salon and a laundry service.
Mordejai Goldenberg, CEO of Gazit Brazil: “We are very pleased with the acquisition of Prado Shopping Center, which serves a great addition to our portfolio and is in line with our disciplined acquisition strategy. The shopping center is strategically located on a main traffic artery in the city of Campinas, the third largest city in the state of Sao Paulo, and is located within a very affluent community. In addition to the attractive going – in return, we see potential upside in the property that we plan to realize through proactive asset management over the coming years . ”
Roni Soffer, President of Gazit – Globe: “This acquisition fits well with our Group’s investment strategy to acquire properties in urban locations with strong demographics, anchored by a leading local supermarket chain, that have great growth potential. We are committed to strengthening our foothold in Brazil and our local management team continues to actively search for more quality assets to acquire and develop.”
About Gazit – Globe – GZT
Gazit – Globe (GZT) is one of the largest owners and operators of supermarket – anchored shopping centers in the world. 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 (GZT). GZT is also listed on the Tel Aviv Stock Exchange and is included in the TA – 25 and the Real – Estate 15 indices in Israel. The Group operates properties with a total value of approximately $19.8 billion in more than 20 countries, owns and operates over 600 properties with a gross leasable area of approximately 6.6 million square meters.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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