Gazit-Globe Announces Sale of Common Shares of First Capital Realty Inc.

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

TEL-AVIV, Israel, Dec. 16, 2019 /CNW/ - Gazit-Globe Ltd. (TASE: GZT) ("Gazit-Globe" or the "Company"), a leading global real estate company focused on the ownership, management and development of retail and mixed use properties in urban markets, announces today that it has sold (the "Sale"), indirectly through its wholly owned subsidiary, Gazit Canada Inc., 5,000,000 common shares (the "Shares") of First Capital Realty Inc. ("First Capital Realty"). The Shares were sold at a price of $20.60 per Share.

The Shares sold by the Company represent approximately 2.3% of the issued and outstanding Shares of First Capital Realty. Immediately prior to completion of the Sale, the Company beneficially owned and exercised control or direction over 19,636,749 Shares, representing approximately 9.0% of the issued and outstanding Shares of First Capital Realty. Following completion of the Sale, the Company now beneficially owns, and exercises control or direction over, 14,636,749 Shares, representing approximately 6.7% of the issued and outstanding Shares of First Capital Realty.

The disposition of the Shares pursuant to the Sale was made, among other considerations, in furtherance of Gazit-Globe's strategy to decrease its stake in mature public equity investments, reduce leverage, and increase Gazit-Globe's direct real estate holdings. Gazit-Globe intends to review its investment in First Capital Realty on a continuing basis. Depending on various factors including, without limitation, First Capital Realty's financial position, the price levels of the securities of First Capital Realty, the tax efficiency of the securities of First Capital Realty to Gazit-Globe, conditions in the securities markets and general economic and industry conditions, Gazit-Globe's business or financial condition and other factors and conditions Gazit-Globe may deem appropriate from time to time, Gazit-Globe may take such actions with respect to its investment in First Capital Realty as Gazit-Globe deems appropriate including, without limitation, acquiring, exchanging, converting, selling, or otherwise disposing of securities of First Capital Realty. In addition, Gazit-Globe may formulate other purposes, plans or proposals regarding First Capital Realty or any of its securities to the extent deemed advisable in light of general investment and trading policies, market conditions or other factors or may change its intention with respect to any and all matters referred to in this news release.

An early warning report will be filed by the Company in accordance with applicable securities laws and will be available on SEDAR at www.sedar.com or may be obtained directly from Lisa Haimovitz of Gazit Canada upon request at King Liberty Village, 85 Hanna Avenue, Suite 400, Toronto, Ontario, M6K 3S3, 972-3-6948000.

First Capital Realty's head and registered office is located at King Liberty Village, 85 Hanna Avenue, Suite 400, Toronto, ON M6K 3S3.

About Gazit-Globe

Gazit-Globe is a leading global real estate company focused on the ownership, management and development of retail and mixed use properties in North America, Brazil, Israel, northern, central and Eastern Europe, located in urban growth markets. Gazit-Globe is listed on the Tel Aviv Stock Exchange (TASE: GZT) and is included in the TA-35 index in Israel.  As of December 31, 2018, Gazit-Globe owns and operates 103 properties, with a gross leasable area of approximately 2.5 million square meters and a total value of approximately NIS 41 billion.

SOURCE Gazit-Globe Ltd.

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