/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
TORONTO, March 9, 2010 /CNW/ - Gazit America Inc. ("Gazit America" or the "Company") (TSX: GAA) announces today that its subsidiary, ProMed Properties (CA) Inc., has acquired the Nepean Medical Centre located in Ottawa, Ontario.
ProMed Properties has acquired the shares of Nepean Medical Centre Inc., a company that owns a 49,000 square foot, four-storey medical office building. The property is situated on a major arterial road, next to a public transportation hub and is about two miles from Queensway Carlton Hospital. The property is approximately 98% leased to a strong tenant roster including over 40 medical practitioners and has a weighted average term to maturity in excess of six years.
The shares were acquired for approximately $3.1 million in cash and the assumption of a $7.8 million first mortgage at 5.76% that matures in September 2014.
Gail Mifsud, the Company's CEO commented, "The acquisition of the Nepean Medical Centre expands our portfolio into the Ottawa market and follows our strategy of acquiring high-quality medical office properties in close proximity to established hospitals. This well leased, well located property is a great addition to our medical office property portfolio."
ABOUT GAZIT AMERICA (TSX: GAA)
Gazit America is focused on entrepreneurial real estate opportunities including the acquisition and development of income-producing properties, investments in public and private real estate entities, investments in joint ventures and other structured acquisitions and investments in commercial and residential mortgage-backed securities. Gazit America currently owns approximately 16% of Equity One, Inc. (NYSE: EQY), a US real estate investment trust, and including this acquisition, three properties comprised of five medical office buildings totalling approximately 164,000 square feet of rentable space located in Cambridge, London and Ottawa, Ontario.
SOURCE Gazit America Inc.
For further information: For further information: regarding Gazit America: Gail Mifsud, C.E.O., Gazit America Inc., 109 Atlantic Avenue, Suite 303, Toronto, Ontario, Canada, M6K 1X4, Tel: (416) 447-6400, Fax: (416) 447-6488, www.gazitamerica.com