Real estate firm Gazit-Globe eyes Tel Aviv stock offering

Mon Dec 28, 2015 4:01am EST
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TEL AVIV Dec 28 (Reuters) - Gazit-Globe, Israel's largest real estate investment company, said on Monday it is examining the possibility of raising money through a public offering of its shares on the Tel Aviv Stock Exchange.

Norstar Holdings Inc, which owns 50.25 percent of Gazit-Globe, said in a separate statement it plans to buy at least half of the shares in the offering.

"As of the date of this announcement there is no certainty that the stock offering will take place," Gazit-Globe said in a statement to the stock exchange.

The company, whose share price has fallen 25 percent this year, did not provide details on the scope or timing of the offering.

Gazit-Globe, with a market value of 6.4 billion shekels ($1.65 billion), operates in the United States through Equity One and in Canada through First Capital Reality Inc . It is the largest shareholder in Finland's Citycon , controls shopping mall developer and is expanding in Brazil.

($1 = 3.8834 shekels) (Reporting by Tova Cohen)