TEL-AVIV, ISRAEL—Gazit-Globe, says that itswholly-owned subsidiary, ProMed Properties, Inc.has deals in the works to to sell six medical officebuildings totaling about 624,000 squarefeet for approximately $205 million.

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“These transactions, together with the properties sold by ProMedin June, are well aligned with our strategy to recycle capital atcompelling valuations and focus on our global retail businessoperations,” said Roni Soffier, president ofGazit-Globe. “We entered the healthcare real estate sector in theUS over a decade ago, and over time, we enhanced and addedtremendous value to the portfolio. After successfully exiting thesenior housing business, we are now taking major steps tostrategically monetize our medical office platform. Thesetransactions have again demonstrated our local management team'sability to identify and take advantage of business opportunitiesand realize above market returns.”

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Following the completion of the transactions mentioned above,and ProMed's previously announced sale in June2014 of six buildings for $200 million,the remaining ProMed portfolio will consist of four propertiescomprising approximately 405,000 square feet witha total book value of about $175 million. As partof the strategic process Gazit-Globe started in 2012 with the saleof the senior housing business, Gazit-Globe says it plans tocontinue to explore opportunities to maximize value from theseremaining assets over time.

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Gazit-Globe, based in Israel, is one of the world's leadingmulti-national real estate companies focused on the acquisition,development and redevelopment of supermarket-anchored shoppingcenters in major urban markets.

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The transactions are subject to customary closingconditions.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.