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Gazit-Globe discloses FY'18 guidance, closes 937M-real buy of Brazil mall stake

Tel Aviv, Israel-based Gazit-Globe Ltd. is expecting an economic funds from operations per share of between 3.64 shekels and 3.72 shekels for full year 2018.

Following the end of the first quarter, the retail-focused real estate company said it completed its 937 million-real purchase of a 70% stake in the Internacional Shopping Center in Sao Paulo.

The company also disclosed that subsequent to March 31, it sold a total of roughly 5.9 million common shares in Regency Centers Corp. for a sum of roughly US$338 million. Gazit-Globe now owns roughly 8.2 million common shares in the U.S.-based shopping center real estate investment trust, equivalent to roughly 4.8% of Regency's outstanding share capital and voting power.

The company also said it raised its stake in Citycon Oyj to roughly 46.2% of Finnish property developer's outstanding shares after acquiring an additional roughly 6.1 million common shares for roughly €11.4 million subsequent to the end of the first quarter. The shares represent approximately 0.7% of Citycon's outstanding share capital.

The company's board approved an up to 250 million-shekel share repurchase program, effective until March 31, 2019. Gazit-Globe had repurchased 339,000 shares for 11.6 million shekels under the program, it said in its first-quarter earnings release.

As of March-end, the company and its consolidated subsidiaries had an ongoing development project in Espoo, in the greater Helsinki area, that is expected to complete in the third quarter of 2021. The company is investing 931 million shekels in the 44,000-square-meter project.

Additionally, one property in Sweden, four in Poland and one in Israel are slated for redevelopment for a total cost of 1.29 billion shekels.

As of May 25, US$1 was equivalent to 3.56 Israeli shekels and 3.66 Brazilian real.