IBI recommends Gazit-Globe after Canadian acquisitions
The "Buy" recommendation follows Gazit-Globe's acquisition of properties in Vancouver and Calgary.
Erez Wollberg1 Jul 10 09:57
IBI Investment House Ltd. real estate analyst Shai Lipman has given a "Buy" recommendation for Gazit-Globe (TASE:GLOB) following the real estate company's expansion of activities in Canada.
In its survey IBI said, "In our belief it will be cheaper to buy Gazit-Globe's shares today."
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Gazit-Globe purchased a 27,000 square meter office block in Vancouver, British Colombia for C$84.5 million. The building has 98% occupancy. The second 4,000 square meter building in Calgary was acquired for C$15.1 million.
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Gazit-Globe is a real estate company controlled by Chaim Katzman and Dori Segal, which focuses on income-producing real estate, mainly shopping malls anchored by large supermarket retail chains. Gazit-Globe was Israel's largest real estate company until the recent IPO of Azrieli Group.
http://www.globes.co.il/serveen/globes/docview.asp?did=1000570997&fid=1725