March 22, 2009 / 3:53 PM / in 9 years

Gazit-Globe sees Q4 loss of 860-885 mln shekels

TEL AVIV, March 22 (Reuters) - Israeli real estate investment firm Gazit-Globe Ltd GLOB.TA said it expects declining property valuations to have driven it to a loss of between 860 million and 885 million shekels ($214-220 million) in the fourth quarter.

The company said on Sunday in a statement that cash flow from its ongoing operations of renting out properties remained stable.

Gazit-Globe said it will write down 900 million shekels for its share in the decline in the fair value of investment properties among its subsidiaries.

It will also write down 490 million shekels on adjustments in the value of rights and commitments for investments in shares of Atrium European Real Estate ATRV.VI as well as currency swaps and securities.

Gazit-Globe will publish its results by the end of March.

Gazit-Globe is the largest shareholder in Finland’s Citycon (CTY1S.HE).

It operates in the United States through Equity One Inc EQY.N, of which it owns 40 percent, and in Canada through First Capital Reality Inc (FCR.TO), of which it owns 54 percent.

($1 = 4.02 shekels)

Reporting by Tova Cohen; editing by John Stonestreet

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