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Gazit-Globe to sell 6% stake in Atrium European Real Estate for €75M

Gazit-Globe Ltd., which is in process of buying out Atrium European Real Estate Ltd., agreed to sell 6% of Atrium's shares to Phoenix Insurance Co. Ltd. and Phoenix Excellence Pension and Provident Funds Ltd. for approximately €75 million.

The Israel-based property company, which struck a buyout deal for Atrium in July, will trade the shares at €3.75 apiece. Also in July, Gazit-Globe agreed to sell up to approximately 12% of Atrium's outstanding shares to Menora Mivtachim Holdings Ltd. for about €150 million.

The company expects to close the deal in January 2020, subject to approval by super majority of Atrium's minority shareholders and by Court of Jersey. As a result, Phoenix and Menora Mivtachim and both are expected to hold together approximately 18% of Atrium's outstanding shares.