Exhibit 8.1





|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 Acquisition Corp.                           |  | Florida                                                       |  | Gazit Acquisition Corp.                          
|ProMed Properties, Inc.                           |  | Delaware                                                      |  | ProMed Properties, Inc.                          
|ProMed Property Management, Inc.                  |  | Florida                                                       |  | ProMed Property Management, Inc.                 
|ProMed Manhattan LLC                              |  | New York                                                      |  | ProMed Manhattan LLC                             
|Gazit Group Financial, LLC                        |  | Delaware                                                      |  | Gazit Group Financial, LLC                       
|Silver Maple (2001), Inc.                         |  | Delaware                                                      |  | Silver Maple (2001), Inc.                        
|Ficus, Inc.                                       |  | Delaware                                                      |  | Ficus, Inc.                                      
|Gazit Canada Inc.                                 |  | Ontario, Canada                                               |  | Gazit Canada Inc.                                
|First Capital Realty Inc.                         |  | Ontario, Canada                                               |  | First Capital Realty Inc.                        
|Gazit America Inc.                                |  | Ontario, Canada                                               |  | Gazit America Inc.                               
|Gazit Canada Investment Limited Partnership       |  | Ontario, Canada                                               |  | Gazit Canada Investment Limited Partnership      
|Gazit Canada Financial Inc.                       |  | Ontario, Canada                                               |  | Gazit Canada Financial Inc.                      
|Gazit Europe (Netherlands) B.V                    |  | The Netherlands                                               |  | Gazit Europe (Netherlands)                       
|Gazit Europe (Asia) B.V.                          |  | 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 Wentorf GmbH                     |  | Germany                                                       |  | Gazit Immobilien Wentorf GmbH                    
|Gazit Wentorf Komplementär GmbH                   |  | Germany                                                       |  | Gazit Wentorf Komplementär GmbH                  
|Gazit Grevenbroich Komplementär GmbH              |  | Germany                                                       |  |                                                  
|Gazit Immobilien Motorama München GmbH            |  | Germany                                                       |  | Gazit Immobilien Motorama München GmbH           
|Gazit Gütersloh Komplementär GmbH                 |  | Germany                                                       |  | Gazit Gütersloh Komplementär GmbH                
|Motorama München Komplementär GmbH                |  | Germany                                                       |  | Motorama München Komplementär GmbH               
|Gazit Immobilien Friedrichsdorf GmbH              |  | Germany                                                       |  | Gazit Immobilien Friedrichsdorf GmbH             
|Gazit Immobilien Gütersloh GmbH                   |  | Germany                                                       |  | Gazit Immobilien Gütersloh GmbH                  
|Gazit Immobilien Fachmarktzentrum Groß Gerau GmbH |  | Germany                                                       |  | Gazit Immobilien Fachmarktzentrum Groß Gerau GmbH
|Gazit Germany Grvenbroich GmbH                    |  | Germany                                                       |  | Gazit Germany Grvenbroich                        
|Gazit Brasil Ltda.                                |  | Sao Paulo, Brazil                                             |  | Gazit Brasil Ltda.                               
|Gazit Grevenbroich KomplementarGmbH               |  | Germany                                                       |  | Gazit Grevenbroich KomplementarGmbH              
|Velaya Vermogensverwaltungsgesellschaft Gmb       |  | Germany                                                       |  | Velaya Vermogensverwaltungsgesellschaft Gmb      
|VUSKA Vermögensverwaltungs-gesellschaft mbH       |  | Germany                                                       |  | VUSKA Vermögensverwaltungs-gesellschaft mbH      













|Shopping Caxias Empreendimentos Imobiliários Ltda.     |  | Sao Paulo, Brazil |  | Shopping Caxias Empreendimentos Imobiliários Ltda.    
|------------------------------------------------------ |  | ----------------- |  | ------------------------------------------------------
|Morumbi Town Center Empreendimentos Imobiliários Ltda. |  | Sao Paulo, Brazil |  | Morumbi Town Center 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.
|Yaalom Empreendimentos Imobiliários Ltda.              |  | Sao Paulo, Brazil |  | Yaalom Empreendimentos Imobiliários Ltda.             
|Zahav Empreendimentos Imobiliários Ltda.               |  | Sao Paulo, Brazil |  | Zahav Empreendimentos Imobiliários Ltda.              
|Ganaz Empreendimentos Imobiliários Ltda.               |  | Sao Paulo, Brazil |  | Ganaz Empreendimentos Imobiliários Ltda.              
|Beit Derech Hashlom Ltd.                               |  | Israel            |  | Beit Derech Hashlom Ltd.                              
|Gazit Globe Holdings (1992) , Ltd.                     |  | Israel            |  | Gazit Globe Holdings (1992) , 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.                      
|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.                             
|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.                            
|Golden Oak Inc.                                        |  | Cayman Islands    |  | Golden Oak                                            
|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                                            
|Gazit Hercules Limited                                 |  | Jersey Islands    |  | Gazit Hercules Limited                                
|Gazit Poseidon Limited                                 |  | Jersey Islands    |  | Gazit Poseidon Limited