Exhibit 8.1

LIST OF SUBSIDIARIES OF THE REGISTRANT



|                                            |  |                                               |  |                                            
|------------------------------------------- |  | --------------------------------------------- |  | -------------------------------------------
|Subsidiary                                  |  | Jurisdiction of
Incorporation or
Organization |  | Name Under Which
Business is Done          
|Equity One, Inc.                            |  | Maryland                                      |  | Equity One, Inc.                           
|MGN (USA), Inc.                             |  | Nevada                                        |  | MGN (USA), Inc.                            
|MGN America, LLC                            |  | Delaware                                      |  | MGN America, LLC                           
|Gazit (1995), Inc.                          |  | Nevada                                        |  | Gazit (1995), Inc.                         
|Gazit First Generation LLC                  |  | Delaware                                      |  | Gazit First Generation LLC                 
|Gazit Group USA, Inc.                       |  | Florida                                       |  | Gazit Group USA, Inc.                      
|MGN Icarus, LLC                             |  | Florida                                       |  | MGN Icarus, LLC                            
|Gazit Group South America, Inc.             |  | Nevada                                        |  | Gazit Group South America, Inc.            
|Gazit South America, LP                     |  | Delaware                                      |  | Gazit South America, LP                    
|Gazit Senior Care, Inc.                     |  | Florida                                       |  | Gazit Senior Care, Inc.                    
|ProMed Properties, Inc.                     |  | Delaware                                      |  | ProMed Properties, Inc.                    
|Royal Senior Care, LLC                      |  | Florida                                       |  | Royal Senior Care, LLC                     
|ProMed Property Management, Inc.            |  | Florida                                       |  | ProMed Property Management, Inc.           
|ProMed Acquisition, Inc.                    |  | Florida                                       |  | ProMed Acquisition, Inc.                   
|ProMed HUMC, LLC                            |  | Delaware                                      |  | ProMed HUMC, LLC                           
|ProMed Corinthian LLC                       |  | New York                                      |  | ProMed Corinthian LLC                      
|ProMed Manhattan LLC                        |  | New York                                      |  | ProMed Manhattan LLC                       
|ProMed Virginia Square I, LLC               |  | Delaware                                      |  | ProMed Virginia Square I, LLC              
|ProMed Virginia Square II, LLC              |  | Delaware                                      |  | ProMed Virginia Square II, LLC             
|Gazit Acquisition Corp.                     |  | Florida                                       |  | Gazit Acquisition Corp.                    
|Silver Maple (2001), Inc.                   |  | Delaware                                      |  | Silver Maple (2001), Inc.                  
|Ficus, Inc.                                 |  | Delaware                                      |  | Ficus, Inc.                                
|Gazit Group Financial, LLC                  |  | Delaware                                      |  | Gazit Group Financial, LLC                 
|Gazit Canada Inc.                           |  | Ontario, Canada                               |  | Gazit Canada Inc.                          
|Gazit 2003 Inc.                             |  | Ontario, Canada                               |  | Gazit 2003 Inc.                            
|First Capital Realty Inc.                   |  | Ontario, Canada                               |  | First Capital Realty Inc.                  
|Gazit America Inc.                          |  | Ontario, Canada                               |  | Gazit America Inc.                         
|Gazit Energy Inc.                           |  | Ontario, Canada                               |  | Gazit Energy Inc.                          
|Gazit Acquisition Inc.                      |  | Ontario, Canada                               |  | Gazit Acquisition Inc.                     
|Gazit Energy Limited Partnership            |  | Ontario, Canada                               |  | Gazit Energy Limited Partnership           
|Gazit Canada Financial Inc.                 |  | Ontario, Canada                               |  | Gazit Canada Financial Inc.                
|Gazit Europe (Netherlands)                  |  | The Netherlands                               |  | Gazit Europe (Netherlands)                 
|Gazit Europe (Asia)                         |  | The Netherlands                               |  | Gazit Europe (Asia)                        
|Biking Home B.V.                            |  | The Netherlands                               |  | Biking Home B.V.                           
|Hollywood Properties Ltd.                   |  | Cayman Islands                                |  | Hollywood Properties Ltd.                  
|Citycon Oyj.                                |  | Finland                                       |  | Citycon Oyj.                               
|Atrium European Real Estate Limited         |  | Jersey Island                                 |  | Atrium European Real Estate Limited        
|Gazit Midas Limited                         |  | Jersey Island                                 |  | Gazit Midas Limited                        
|Gazit Gaia Limited                          |  | Jersey Island                                 |  | Gazit Gaia Limited                         
|Gazit CPI Holdings Limited                  |  | Jersey Island                                 |  | Gazit CPI Holdings Limited                 
|Gazit Germany Beteiligungs GmbH & Co. KG    |  | Germany                                       |  | Gazit Germany Beteiligungs GmbH & Co. KG   
|Gazit Germany Asset Management GmbH         |  | Germany                                       |  | Gazit Germany Asset Management GmbH        
|VELAYA Vermögensverwaltung mbH              |  | Germany                                       |  | VELAYA Vermögensverwaltung mbH             
|Gazit Immobilien Tonndorf GmbH              |  | Germany                                       |  | Gazit Immobilien Tonndorf GmbH             
|Gazit Immobilien Wentorf GmbH               |  | Germany                                       |  | Gazit Immobilien Wentorf GmbH              
|Casinopark Wentorf GmbH & Co. KG            |  | Germany                                       |  | Casinopark Wentorf GmbH & Co. KG           
|Gazit Wentorf Komplementär GmbH             |  | Germany                                       |  | Gazit Wentorf Komplementär GmbH            
|Gazit Immobilien Grevenbroich GmbH          |  | Germany                                       |  | Gazit Immobilien Grevenbroich GmbH         
|Gazit Immobilien Grevenbroich GmbH & Co. KG |  | Germany                                       |  | Gazit Immobilien Grevenbroich GmbH & Co. KG



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|                                                       |  |                       |  |                                                       
|------------------------------------------------------ |  | --------------------- |  | ------------------------------------------------------
|Gazit Grevenbroich Komplementär GmbH                   |  | Germany               |  |                                                       
|Gazit Immobilien Motorama München GmbH                 |  | Germany               |  | Gazit Immobilien Motorama München GmbH                
|Motorama München GmbH & Co. KG                         |  | Germany               |  | Motorama München GmbH & Co. KG                        
|Motorama München Komplementär GmbH                     |  | Germany               |  | Motorama München Komplementär GmbH                    
|Gazit Immobilien Berlin-Kladow GmbH                    |  | Germany               |  | Gazit Immobilien Berlin-Kladow GmbH                   
|Gazit Immobilien Friedrichsdorf GmbH                   |  | Germany               |  | Gazit Immobilien Friedrichsdorf GmbH                  
|Gazit Immobilien Gütersloh GmbH                        |  | Germany               |  | Gazit Immobilien Gütersloh GmbH                       
|Gazit 1. Immobilien Gütersloh GmbH & Co. KG            |  | Germany               |  | Gazit 1. Immobilien Gütersloh GmbH & Co. KG           
|Gazit Gütersloh Komplementär GmbH                      |  | Germany               |  | Gazit Gütersloh Komplementär GmbH                     
|Gazit Immobilien Fachmarktzentrum Groß Gerau GmbH      |  | Germany               |  | Gazit Immobilien Fachmarktzentrum Groß Gerau GmbH     
|GG 1 Immobilien GmbH & Co. KG                          |  | Germany               |  | GG 1 Immobilien GmbH & Co. KG                         
|GG 2 Immobilien GmbH & Co. KG                          |  | Germany               |  | GG 2 Immobilien GmbH & Co. KG                         
|Gazit Immobilien Groß Gerau Komplementär GmbH          |  | Germany               |  | Gazit Immobilien Groß Gerau Komplementär GmbH         
|VUSKA Vermögensverwaltungs-gesellschaft mbH            |  | Germany               |  | VUSKA Vermögensverwaltungs-gesellschaft mbH           
|Gazit Brasil Ltda.                                     |  | Sao Paulo, Brazil     |  | Gazit Brasil Ltda.                                    
|Morumbi Town Center Empreendimentos Imobiliários Ltda. |  | Sao Paulo, Brazil     |  | Morumbi Town Center Empreendimentos Imobiliários Ltda.
|Shopping Caxias Empreendimentos Imobiliários Ltda.     |  | Sao Paulo, Brazil     |  | Shopping Caxias Empreendimentos Imobiliários Ltda.    
|Zeed Empreendimentos Imobiliários Ltda.                |  | Sao Paulo, Brazil     |  | Zeed Empreendimentos Imobiliários Ltda.               
|Gazit Corporate Empreendimentos Imobiliários Ltda.     |  | Sao Paulo, Brazil     |  | Gazit Corporate Empreendimentos Imobiliários Ltda.    
|Nidas Empreendimentos Imobiliários Ltda.               |  | Sao Paulo, Brazil     |  | Nidas Empreendimentos Imobiliários Ltda.              
|Chamam Empreendimentos Imobiliários Ltda.              |  | Sao Paulo, Brazil     |  | Chamam Empreendimentos Imobiliários Ltda.             
|Gazit Participações Empreendimentos Imobiliários Ltda. |  | Sao Paulo, Brazil     |  | Gazit Participações Empreendimentos Imobiliários Ltda.
|Clavas Empreendimentos Imobiliários Ltda.              |  | Sao Paulo, Brazil     |  | Clavas Empreendimentos Imobiliários Ltda.             
|Ganaz Empreendimentos Imobiliários Ltda.               |  | Sao Paulo, Brazil     |  | Ganaz Empreendimentos Imobiliários Ltda.              
|Yaalom Empreendimentos Imobiliários Ltda.              |  | Sao Paulo, Brazil     |  | Yaalom Empreendimentos Imobiliários Ltda.             
|Zahav Empreendimentos Imobiliários Ltda.               |  | Sao Paulo, Brazil     |  | Zahav Empreendimentos Imobiliários Ltda.              
|Gazit Globe Mauritius                                  |  | Port Louis, Mauritius |  | Gazit Globe Mauritius                                 
|BADA                                                   |  | Israel                |  | BADA                                                  
|Gazit Globe Holdings (1992) , Ltd.                     |  | Israel                |  | Gazit Globe Holdings (1992) , Ltd.                    
|Dinariv 52, Ltd.                                       |  | Israel                |  | Dinariv 52, Ltd.                                      
|Gazit- Globe Israel (Development) Ltd.                 |  | Israel                |  | Gazit- Globe Israel (Development) Ltd.                
|Acad Building & Investments Ltd.                       |  | Israel                |  | Acad Building & Investments Ltd.                      
|Acad Supply & Assets (1979) Ltd.                       |  | Israel                |  | Acad Supply & Assets (1979) Ltd.                      
|U. Dori Group Ltd.                                     |  | Israel                |  | U. Dori Group Ltd.                                    
|U. Dori Building Ltd.                                  |  | Israel                |  | U. Dori Building Ltd.                                 
|U. Dori Infrastructure & Energy Ltd.                   |  | Israel                |  | U. Dori Infrastructure & Energy Ltd.                  
|U. Dori Initiation, Ltd.                               |  | Israel                |  | U. Dori Initiation, Ltd.                              
|U. Dori (Or Yehuda) Ltd.                               |  | Israel                |  | U. Dori (Or Yehuda) Ltd.                              
|U. Dori Technology and Investments Ltd.                |  | Israel                |  | U. Dori Technology and Investments Ltd.               
|I.T.R. Dori B.V.                                       |  | The Netherlands       |  | I.T.R. Dori B.V.                                      
|Innovate Ltd.                                          |  | Israel                |  | Innovate Ltd.                                         
|Heart of the Gulf Ltd.                                 |  | Israel                |  | Heart of the Gulf Ltd.                                
|Heart of the Gulf Assets (1994) Ltd.                   |  | Israel                |  | Heart of the Gulf Assets (1994) Ltd.                  
|GLA Asset Management Ltd.                              |  | Israel                |  | GLA Asset Management Ltd.                             



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|                                             |  |                 |  |                                             
|-------------------------------------------- |  | --------------- |  | --------------------------------------------
|GLA Center (Afula), Ltd.                     |  | Israel          |  | GLA Center (Afula), Ltd.                    
|GLA Micado Center, Ltd.                      |  | Israel          |  | GLA Micado Center, Ltd.                     
|GLA TABA 1750, Ltd.                          |  | Israel          |  | GLA TABA 1750, Ltd.                         
|GLA India, Ltd.                              |  | Israel          |  | GLA India, Ltd.                             
|G Israel Commercial Centers Ltd.             |  | Israel          |  | G Israel Commercial Centers Ltd.            
|G Kfar Saba Ltd.                             |  | Israel          |  | G Kfar Saba Ltd.                            
|G West Ltd.                                  |  | Israel          |  | G West Ltd.                                 
|G. M Area Real Estate & Building Ltd.        |  | Israel          |  | G. M Area Real Estate & Building Ltd.       
|G. Globe Development, Ltd.                   |  | Israel          |  | G. Globe Development, Ltd.                  
|Rom Geves Covering and Cooling (1997) Ltd.   |  | Israel          |  | Rom Geves Covering and Cooling (1997) Ltd.  
|Mildan Entrepreneurship and Investments Ltd. |  | Israel          |  | Mildan Entrepreneurship and Investments Ltd.
|Dorad Energy Ltd.                            |  | Israel          |  | Dorad Energy Ltd.                           
|H.L.D. Furnishings (2002) Ltd.               |  | Israel          |  | H.L.D. Furnishings (2002) Ltd.              
|Ages (Industries and Furnishings) 2005 Ltd.  |  | Israel          |  | Ages (Industries and Furnishings) 2005 Ltd. 
|G-Netherlands B.V.                           |  | The Netherlands |  | G-Netherlands B.V.                          
|G-Bulgaria EAD                               |  | Bulgaria        |  | G-Bulgaria EAD                              
|G- Macedonia AD                              |  | Macedonia       |  | G- Macedonia AD                             
|Plovdiv Retail Center EAD                    |  | Bulgaria        |  | Plovdiv Retail Center EAD                   
|Trident AD                                   |  | Bulgaria        |  | Trident AD