UPDATE 1-Gazit-Globe sees tough repeat of 2012 gains

Wed Mar 20, 2013 10:27am EDT
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* Q4 net profit 224 mln shekels vs 269 mln shekels yr earlier

* Q4 property rental income up 10 pct

* To pay quarterly dividend of 0.43 shekel a share

* Chairman: 2013 will be mainly based on organic growth

By Steven Scheer

TEL AVIV, March 20 (Reuters) - Gazit-Globe, Israel's largest real estate investment company, said it would be difficult to repeat 2012's strong growth in 2013 as an improving property market would make it tough to find bargains.

During 2012, Gazit-Globe which owns and develops supermarket-anchored shopping centres worldwide, bought 30 properties for rent for 3.8 billion shekels and invested 1.9 billion shekels in new development and redevelopment projects.

For all of 2012, Gazit-Globe's funds from operations rose 32 percent, while net operating income grew 11 percent.

"We think 2013 will be a decent year," Chairman Chaim Katzman told Reuters after a news conference. But when asked if the company can duplicate its 2012 growth, he said: "It will be very difficult."   Continued...