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Gazit-Globe pares stake in First Capital Realty

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Gazit-Globe pares stake in First Capital Realty

Gazit-Globe Ltd. sold part of its stake in First Capital Realty Inc., or FCR, bringing down its ownership to approximately 6.7% from 9.9%.

The Canadian shopping center operator agreed to waive the one-year lock-up of Gazit's FCR shares to facilitate the reduction of Gazit's interest in FCR.

The Israel-based real estate company's remaining interest in FCR is subject to the lock-up, subject to the consent of FCR for the rest of the one-year term, which is set to expire April 16, 2020.