Israeli real estate company Gazit-Globe is selling six medical office buildings in the US and buying a Brazilian shopping centre.
Subsidiary ProMed Properties announced it was divesting the 624,000sqft medical office portfolio for $205m (€153m).
It follows the sale in June of another six buildings for $200m and will result in the ProMed portfolio consist of four properties of around 405,000sqft with a total book value of $175m.
Gazit-Globe began investing in the sector in 2012 following the sale of senior housing assets. The company said it would “continue to explore opportunities to maximise value” from the remaining assets.
Roni Soffer, president of Gazit-Globe, said: “We entered the healthcare real estate sector in the US over a decade ago, and over time, we enhanced and added tremendous value to the portfolio.”
Now that it had sold senior housing assets, the investor was moving to turn its medical office platform into cash, he said.
Meanwhile, subsidiary Gazit Brasil has signed a deal to buy a shopping centre in Sao Paolo for around BRL145m (€47.7m).
The Top Center Shopping in Paulista Avenue in central Sao Paolo has total gross leasable area of 6,400sqm and its tenants include Starbucks, McDonalds, Kopenhagen and Havainas.
Chief executive Mia Stark said the shopping centre was the third asset Gazit Brazil had bought in Sao Paolo.
She said the city was “well-aligned with the focused strategy of the company to acquire and own high-quality urban assets in the state of Sao Paulo”.
Following the transaction, Gazit Brasil will own and operate six shopping centres — one of which is under development — with total area of about 45,000sqm and a combined value of BRL$550m.