TEL AVIV, March 2 (Reuters) - Israeli real estate developer
Gazit-Globe GZT.TA said on Wednesday it has decided to
terminate a process to sell its shopping centres in Israel after
receiving an offer that did not reflect a significant premium to
its book value.
Gazit-Globe said it will continue to develop the portfolio,
which performs well, and enhance its value.
Rachel Lavine, chief executive of Gazit-Globe, said that
following a comprehensive process the company received a final
offer from a third party to acquire the portfolio.
"The final offer did not meet the pre-conditions that we had
set for the sale of the portfolio," Lavine said. "Therefore, we
have decided to terminate the sale process which is in line with
our new strategy to increase the private real estate portion of
our business."
Gazit-Globe GZT.N operates in the United States through
Equity One EQY.N (NYSE:EQY) and in Canada through First Capital Reality
Inc FCR.TO . It is the largest shareholder in Finland's Citycon
CTY1S.HE , controls shopping mall developer and is expanding in
Brazil.