Africa Israel Investments, Ltd. announced that it will report a net loss of ILS 710 million to ILS 790 million for the second quarter of 2012, because of a $240 million write-down on assets of AFI Development plc AFI Development's write-down is due to a preliminary revaluation of four properties under development by Jones Lang LaSalle: the Tverskaya Plaza In and IIa mixed-use complexes, the Bolshaya Pochtovaya mixed-use complex, and the Kostinskaya project, all in Moscow. As a result of the new valuation, combined with the strengthening of the dollar against the ruble, AFI Development will reduce the value of its portfolio from $2.8 billion to $2.4 billion for the second quarter.