Real Estate Investor Gazit Hires Citigroup For Review

Gazit-Globe Ltd., a real estate investment company, hired Citigroup Inc. to advise on “strategic alternatives” for its Israeli business.

No decisions have been made yet regarding the business, Gazit said in a filing to the Tel-Aviv Stock Exchange on Sunday. The shopping-center developer is putting the operations of Gazit Globe Israel (Development) Ltd. under review as it focuses on prime commercial property in densely-populated cities, Chairman Chaim Katzman said in a December interview.

Gazit-Globe owns $21 billion worth of assets globally, focused on supermarket-anchored shopping centers in major cities, according to a company presentation last month. Gazit Israel represents about 5 percent of the company’s global portfolio. It owns and operates 10 commercial centers locally.

Gazit-Globe’s shares declined 2.2 percent to 49.15 shekels at the close of trading in Tel Aviv, paring this year’s gain to 6.4 percent, compared with an advance of 6.1 percent for the benchmark TA-25 Index.

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