TEL AVIV, Jan 22 (Reuters) - Gazit-Globe, Israel’s largest real estate investment company, said it bought a 13.9 percent stake in Atrium European Real Estate for 229 million euro ($265 million) from CPI CEE Management LLC.
Gazit-Globe said it paid 4.4 euro per share for the 52 million shares and raised its stake in Atrium to 54 percent on a diluted basis to become the sole controlling shareholder.
Atrium’s financial results will be consolidated into Gazit-Globe starting in the first quarter of 2015. Gazit-Globe said it would record a non-cash loss of about 100 million shekels ($25 million) in the current quarter due to a difference in currency translation.
($1 = 0.8636 euros)
$1 = 3.9393 shekels Reporting by Steven Scheer and Tova Cohen