Gazit-Globe Ltd. further reduced its stake in Regency Centers Corp. to roughly 8.2% of the latter's outstanding share capital and voting power, with the sale of 1.8 million common shares, or an approximately 1% interest, for about $104 million.
The transaction follows prior sales of Regency shares, the latest of which brought the Israeli company's holdings in the U.S.-based shopping center-focused real estate investment trust to 9.32%, with a $101 million sale. As part of a pre-arranged trading plan, placed into effect by a Gazit-Globe subsidiary in December 2017, the company may divest up to 2.5 million Regency shares in specified periods between January and April.
Gazit-Globe holds about 14 million shares of Regency common stock.
