ProMed Shedding Another Six Properties

TEL-AVIV, ISRAEL—Gazit-Globe, says that its wholly-owned subsidiary, ProMed Properties, Inc. has deals in the works to to sell six medical office buildings totaling about 624,000 square feet for approximately $205 million.

“These transactions, together with the properties sold by ProMed in June, are well aligned with our strategy to recycle capital at compelling valuations and focus on our global retail business operations,” said Roni Soffier, president of Gazit-Globe. “We entered the healthcare real estate sector in the US over a decade ago, and over time, we enhanced and added tremendous value to the portfolio. After successfully exiting the senior housing business, we are now taking major steps to strategically monetize our medical office platform. These transactions have again demonstrated our local management team’s ability to identify and take advantage of business opportunities and realize above market returns.”