Israeli real estate developer Gazit-Globe Q3 loss widens

Nov 30 Gazit-Globe, Israel's largest real estate investment company, posted a wider net loss in the third quarter due to one-off items, including for the reorganisation of its Canadian subsidiary FCR.

Gazit-Globe posted on Monday a loss of 92 million shekels ($23.7 million) compared with a loss of 13 million a year earlier. Other one-time items included a mortgage prepayment penalty at its ProMed medical office subsidiary.

Rental income grew 29 percent to 1.55 billion shekels, while net operating income rose 27 percent to 1.07 billion shekels, helped by the consolidation of its Atrium European Real Estate subsidiary and the acquisition by its Citycon subsidiary of Norwegian real estate firm Sektor Gruppen.

Gazit-Globe said it would pay a dividend of 0.46 shekel a share for the third quarter, the same as in the second quarter.

Gazit-Globe operates in the United States through Equity One and in Canada through First Capital Reality Inc . It is the largest shareholder in Finland's Citycon , controls shopping mall developer and is expanding in Brazil.

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