Local Strength Key to Real Estate Success of Gazit Globe
Posted by | Posted in Buy My Home Fast - Articles | Posted on 02-12-2011-05-2008
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www.reit.com As the president of Gazit Globe, Roni Soffer oversees a real estate enterprise that spans more than 20 countries and includes more than 660 properties with a consolidated total asset value of approximately billion. At the European Public Real Estate Association’s (EPRA) annual conference in London earlier this month, Soffer spoke with REIT.com about the company’s global operations, which include primarily supermarket-anchored shopping centers as well as healthcare assets, and how he sees the market developing. “In the last few quarters we have seen improvements in most of the regions we operate,” Soffer said, adding that Gazit Globe is seeing stabilized occupancy levels, NOI improvement and cap rate compression. Soffer, who has been with Gazit Globe for 15 years, said the key to Gazit Globe’s success is focus. Although the company does own medical office and senior living facilities, the vast majority of the company’s portfolio is supermarket-anchored shopping centers. “We took this product type and replicated it globally very successfully,” he said. “The second most important thing is having local management teams and the right people on the ground. You can not invest, develop and manage through remote control. The people on the ground are going to protect you on the downside and going to help you capitalize on opportunities.” Soffer said Gazit Globe’s portfolio is now at a point where he does not expect to branch out into any new markets or property …
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