Gazit-Globe's Unit Closes Deal To Sell Majority Of Senior Housing Facilities

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8/16/2012 3:06 AM ET

Gazit-Globe Ltd. (GZT: Quote) announced that its private subsidiary, Royal Senior Care, LLC and its members, completed a transaction to sell the majority of its wholly-owned senior housing facilities.

Royal Senior Care, LLC is a private subsidiary in which Gazit Senior Care, Inc.,a private subsidiary fully owned by Gazit-Globe, holds a 60% interest and is active in the senior housing field in the United States.

The senior housing facilities, which include 1,310 units, are being sold for a total gross consideration, before debt and transaction costs, of US$230 million, of which Gazit-Globe's portion is US$138 million.

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

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by RTT Staff Writer

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