Tue Aug 21, 2012 3:59am EDT–JERUSALEM, Aug 21 (Reuters) – Gazit-Globe, Israel’s largest real estate investment company, posted higher quarterly net profit that was boosted by an increase in rental income and a gain in the value of investment property.
Gazit-Globe said on Tuesday it earned a second-quarter profit of 288 million shekels ($72 million), up from 281 million a year earlier.
Property rental income rose 11 percent to 1.27 billion shekels, while net operating income was up 11 percent to 865 million shekels.
The fair gain from investment property and investment property under development rose to 718 million shekels from 543 million.
During the April-June period, Gazit-Globe acquired 11 income producing properties for 1.86 billion shekels. It also invested 989 million shekels in development and redevelopment projects…Read More>>