Tel Aviv-based Gazit Globe’s US subsidiary Equity One Inc. has sold 36 shopping centers across the Southeast to US-based Blackstone Group for $473.1 million. Equity One will use the proceeds to repay debt, finance redevelopment plans, and make future acquisitions. Most of the shopping centers are in Atlanta, Tampa, and Orlando. Others are in North Carolina, South Carolina, Alabama, Tennessee, and Maryland.
In another major transaction, Ramat Gan-based Harel Insurance Investments and Financial Services Ltd., Tel Aviv-based Elco Holdings Ltd., and New York-based Brookfield Asset Management Inc. have jointly acquired a residential portfolio in the Southeast for $340 million that includes 5,659 apartments in 18 locations.
Elco founded Elco Landmark Residential in 2008 to locate opportunities created by the sub-prime crisis, mostly in the Southeast, and acquire and redevelop residential blocs. In August, it bought 5,600 apartments in the Southeast from Birmingham, Alabama-based Colonial Properties Trust for $338.5 million.