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Equity One sells office building to City of Miami Beach for $6.1 million

Deal, claim settlement expected to generate Gazit-Globe $10.6 million

Equity One (NYSE:EQY) today announced that it has completed the sale of an office building in Miami Beach, Florida to the City of Miami Beach for some $6.1 million.

The deal is expected to generate Equity One about $4.3 million capital gains.

The firm also said that the City of Miami Beach is to transfer to it another $450,000 in settlement of a claim filed by Equity One.

Equity One is controlled by Tel Aviv-traded real estate firm Gazit-Globe. The deal and the claim settlement are expected to generate Gazit-Globe some NIS 10.6 million gross capital gains in the first quarter of 2002.

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The parent company Gazit is expected to post some NIS 6.1 million capital gains.