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.
