Gazit-Globe’s ProMed Properties to Sell 6 Medical Office buildings for $205M
- Aug 15, 2014
Gazit-Globe Ltd. continues its portfolio repositioning program with a new deal to sell six medical office buildings owned through its subsidiary, ProMed Properties Inc. The Tel Aviv, Israel-based international real estate company will pocket a nice chunk of change on the disposition of the 624,000-square-foot group of properties: approximately $205 million.
Sell six here, sell six there and suddenly there’s nearly half-a-billion dollars available for new investments. Pro-Med’s agreement to sell the six-building collection of properties follows by two months the disposition of another six-building group in a deal that brought in $200 million.
It’s all part of the plan, and that plan has everything to do with the retail market. The process began two years ago when Gazit-Globe exited the U.S. senior housing business, where it had had a presence for more than 10 years. Now the company is in the process of disposing of ProMed’s portfolio, of which four MOBs totaling 405,000 square feet valued at $175 million remain.
“[These transactions] are well aligned with our strategy to recycle capital at compelling valuations and focus on our global retail business operations,” Roni Soffer, president of Gazit-Globe, stated in a press release. Gazit-Globe, with a portfolio of exceeding 500 properties in 20 countries, is one of the world’s largest owners, developers and operators of predominantly supermarket-anchored shopping centers.