UPDATE 1-Israel’s Gazit-Globe profit up, raises 2011 dividend

* Net profit 197 mln shekels vs 117 mln

* To pay minimum quarterly dividend 0.39 shekels/shr in 2011

(Adds details, quotes, background)

TEL AVIV, Nov 25 (BestGrowthStock) – Israeli real estate investment
firm Gazit-Globe Ltd (GLOB.TA: ) said on Thursday its net profit
rose in the third quarter, helped by higher rental income, and
it increased its dividend payout policy for 2011.

Quarterly net profit at Israel’s largest real estate firm
totalled 197 million shekels ($54 million) compared with 117
million a year earlier.

Gazit-Globe said property rental income rose 13 percent in
the quarter to 1.14 billion shekels.

The company said it would pay a minimum dividend of 0.39
shekels a share per quarter as of the first quarter of 2011.
This is up from the quarterly minimum of 0.37 shekel a share it
set for 2010.

It said it would pay a third-quarter dividend of 0.37
shekels a share on Jan. 4.

“We continue to strengthen our balance sheet and recently
completed an equity issuance raising 650 million shekels, which
increased the company’s free float liquidity,” President Roni
Soffer said.

“Our strong balance sheet and high liquidity support our
continued efforts to pursue and capitalise on opportunities as
we grow our global platform.”

Gazit-Globe operates in the United States through Equity One
(EQY.N: ), through which it acquired a controlling stake in DIM
Vastgoed NV, a Dutch investment company that owns 21 shopping
centres in the U.S.

It operates in Canada through First Capital Reality Inc
(FCR.TO: ). It is also the largest shareholder in Finland’s
Citycon (CTY1S.HE: ) and together with Citi (C.N: ) controls
shopping mall developer Atrium European Real Estate (ATRV.VI: ).
($1 = 3.65 shekels)
(Reporting by Tova Cohen; Editing by Jon Loades-Carter)

UPDATE 1-Israel’s Gazit-Globe profit up, raises 2011 dividend