Gazit America announces receipt of court approval of proposed arrangement

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/

TORONTO, Aug. 7, 2012 /CNW/ - Gazit America Inc. ("Gazit America") (TSX: GAA) announced today that the Ontario Superior Court of Justice (Commercial List) has issued an order approving the proposed arrangement (the "Arrangement") involving Gazit America, Gazit-Globe Ltd. and First Capital Realty Inc.  This order is the "Final Order" contemplated by the arrangement agreement dated June 20, 2012 between the parties.

Completion of the Arrangement remains subject to the satisfaction of other customary closing conditions.  Assuming these other conditions are satisfied, Gazit America currently anticipates that the Arrangement will become effective on August 8, 2012.  The management information circular of Gazit America dated June 27, 2012, which provides a detailed discussion of the Arrangement, is available on SEDAR at www.sedar.com under Gazit America's profile.

ABOUT GAZIT AMERICA (TSX: GAA)

Gazit America currently has interests in thirteen properties totaling approximately 930,000 square feet (representing Gazit America's proportionate interest) of rentable space located in Longueuil and Montreal, Quebec, Cambridge, London, Mississauga, Toronto, Kitchener and Ottawa, Ontario, and Edmonton and Calgary, Alberta. In addition, the company owns approximately 12.4% of Equity One (NYSE: EQY), a U.S. real estate investment trust.

Forward-Looking Statements

This press release contains forward-looking statements and information within the meaning of applicable securities law. Forward-looking statements can be identified by the expressions "expects", "estimates", "will" and similar expressions. The forward-looking statements are not historical facts but reflect the current expectations of Gazit America regarding future results or events and are based on information currently available to management of Gazit America.

Management of Gazit America believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, management can give no assurance that the actual results or developments will be consistent with these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Factors that could cause actual results or events to differ materially from those expressed, implied or projected by forward-looking statements include, but are not limited to, risks associated with satisfying approvals and other conditions for the proposed transaction, the anticipated timing for the Arrangement becoming effective and general economic conditions. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. Gazit America undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by applicable securities law.

All forward-looking statements in this press release are made as of the date hereof and are qualified by these cautionary statements.

SOURCE: Gazit America Inc.

Gail C. Mifsud, CEO
Gazit America Inc.
109 Atlantic Avenue, Suite 303
Toronto, Ontario, Canada M6K 1X4
Tel: [phone]
Fax: [phone]
www.gazitamerica.com