September 1, 2019 / 8:52 AM / 17 days ago

Israel's Gazit Globe plans to sell 6% of Atrium to insurer Phoenix

TEL AVIV, Sept 1 (Reuters) - Israeli real estate developer Gazit Globe, which plans to buy the 40% of Atrium European Real Estate it does not already own, agreed to sell 6% of Atrium to Israeli insurer Phoenix Holdings for 75 million euros ($84 million).

In July Gazit Globe said it agreed to pay 565 million euros or 3.75 euros per share, in cash, for the Atrium stake, betting on growth in densely populated urban areas of Eastern Europe .

The deal is expected to close in January.

As part of the arrangement, Gazit Globe, which earlier this year sold most of its holdings in Canada’s First Capital Realty , said it would sell a 12% stake in Atrium to Israeli insurer Menora Mivtachim Holdings for 150 million euros.

Last month Gazit said it was considering selling up to 8% more of Atrium to an Israeli institutional investor. ($1 = 0.8973 euros) (Reporting by Tova Cohen; Editing by Steven Scheer)

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