Gazit-Globe Increases Its Holding In Gazit-Globe Israel To 100%

(RTTNews) - Gazit-Globe (GZT) announced that it has acquired outstanding shares of the company, representing about 15% of Gazit Israel, which are held by its CEO, Ronen Ashkenazi. The company increased its holding in Gazit Israel to 100%, becoming the sole shareholder in the company.

Gazit-Globe also agreed that Ashkenazi will step down from his position as the CEO of the company. Yaron Eshel, Deputy CEO will be appointed CEO of Gazit Israel. Eshel joined Gazit Israel 10 years ago and has many years of experience in the fields of real estate and investment.

Gazit Israel (directly and indirectly) will sell to Ashkenazi the rights in two land plots, an office building in Israel (for which Ashkenazi will be entitled for a partial vendors loan) and part of the shares of subsidiaries that own real estate in Bulgaria and Macedonia (the company will continue to own the remaining shares), all assets which are non-core for the company.