- Gazit-Globe will be the largest shareholder in the merged company
- The transaction reflects a premium of approximately 13.7% on EQY shares
This transaction will create a better, stronger and more diversified company for all shareholders. The merged entity will create additional value through the following key factors:
- The combined company with a portfolio of complimentary assets will have an enhanced presence in both the real estate and capital markets.
- The merged company will have 5.4 million square meters of leased GLA (1)
- Operational efficiencies and synergies in assets and property management, as well as corporate G&A is expected to exceed NIS 100 million annually;
- The merger will strengthen the Company's position vis-à-vis its tenants, as well as its leasing and asset management activities.
- Generates a significant premium above market value of Equity One's shares for all shareholders.
- A net gain of NIS 1 billion to Gazit Globe, NIS 5 per share.
- As a result of the merger transaction the annual dividend from the merged entity will immediately increase by approx. 2.3% for all EQY shareholders.
- Reduces leverage on a stand-alone basis.
- Gazit Globe corporate level cost and accounting expense savings of approximately NIS 6 million NIS annually.
- Improved liquidity of its shares, with an expected combined daily trading liquidity in excess of US $80 million.
- Greater geographic and tenant diversification leading to a significant reduction in the risk profile of the combined company.
- Gazit-Globe will be the largest shareholder in the merged company.
- A merger transaction which does not carry any immediate tax consequences.
FORWARD LOOKING STATEMENTSThis release may contain forward-looking statements within the meaning of applicable securities laws. In the United States, these statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of known and unknown risks and uncertainties, many of which are outside our control, that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks detailed in our public filings with the SEC and the Canadian Securities Administrators. Except as required by applicable law, we undertake no obligation to update any forward-looking or other statements herein, whether as a result of new information, future events or otherwise. About Gazit-Globe Gazit-Globe is one of the largest owners, developers and operators of predominantly supermarket-anchored shopping centers in major urban markets around the world. Gazit-Globe is listed on the New York Stock Exchange (NYSE:GZT), the Toronto Stock Exchange (TSX:GZT) and the Tel Aviv Stock Exchange (TASE:GZT) and is included in the TA-25 and Real-Estate 15 indices in Israel. As of June 30, 2016 Gazit-Globe owns and operates 429 properties in more than 20 countries, with a gross leasable area of approximately 6.5 million square meters and a total value of approximately US$ 21.5 billion. For more information: www.gazit-globe.com About Regency Centers Corporation With more than 50 years of experience, Regency is the preeminent national owner, operator and developer of high-quality, grocery anchored neighborhood and community shopping centers. The Company's portfolio of 307 retail properties encompasses over 42.1 million square feet located in top areas throughout the United States, including co-investment partnerships. Regency has developed 223 shopping centers since 2000, representing an investment at completion of more than $3 billion.
For more information: www.regencycenters.comAbout Equity One As of September 30, 2016, the company's portfolio comprised 122 properties, including 98 retail properties and five non-retail properties totaling approximately 12.3 million square feet of gross leasable area, or GLA, 13 development or redevelopment properties with approximately 2.8 million square feet of GLA, and six land parcels. As of September 30, 2016, the company's retail occupancy excluding developments and redevelopments was 95.4% and included national, regional and local tenants. Additionally, the company had joint venture interests in six retail properties and two office buildings totaling approximately 1.4 million square feet of GLA. For more information: www.equityone.com. FOR ADDITIONAL INFORMATION Investors Contact: IR@gazitgroup.com, Media Contact: Press@gazitgroup.com (1) Including 100% of jointly owned properties