Israeli real estate developer Africa Israel Investments expects to post a 2015 net loss of 1.8-1.9 billion shekels ($461-$487 million) due to a valuation loss on investment properties at its AFI Development unit.
AFI, a Russia-focused real estate and investment firm, estimated on Monday a loss after tax for the fourth quarter, including foreign exchange loss, will be $470 million.
Citing an independent appraiser, AFI said the valuation of its AFIMALL in Moscow fell to $686 million from $990 million while valuations of other assets also declined.
AFI said it expects the gross value of its portfolio of properties to decrease to $1.4 billion at the end of 2015 from $1.97 billion recorded at the end of September.
It noted that the estimates are preliminary and that preparation of the firm's annual results was underway.
"The valuation loss and impairment reflect a decrease in the value of the company's projects due to continuously challenging macroeconomic environment in Russia and respective depressed condition of the real estate market," AFI said, citing a further deterioration in the rouble/dollar exchange rate and oil prices during the fourth quarter.
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