Gazit-Globe’s Royal Senior Care Sells Majority of Portfolio for $230M

Gazit-Globe, a leading multinational real estate company focused on supermarket-anchored shopping centers, announced that its private subsidiary, Royal Senior Care LLC (RSC), has sold the majority of its wholly-owned senior housing facilities. RSC is a private subsidiary in which Gazit Senior Care Inc. holds a 60 percent interest and is active in the senior housing field in the U.S. The senior housing facilities, which include 1,310 units, were sold for a total gross consideration, before debt and transaction costs, of $230 million, or $175,500 per unit on average, of which Gazit-Globe's portion is $138 million.

RSC will continue to own and manage its joint venture interest in two senior housing facilities, one fully-owned senior housing community, and a tract of land held for future development.

As result of this transaction, Gazit-Globe will record a gain of approximately $18 million and net proceeds of approximately $70 million.

Roni Soffer, president of Gazit-Globe, remarked in a statement: "This transaction is another step in our strategy to focus management's attention on our main business operations, to recycle capital to those operation, and to continuously enhance our corporate efficiency, all while we explore new opportunities in the global real estate markets."

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