Yitzhak Tshuva's Delek Real Estate Ltd. (TASE: DLKR) has obtained a permit to build a conference center and events hall at Finsbury Square in London that will rival the Grosvenor House, sources report. The company will invest ₤34 million in the project.
Finsbury Square is located in the Borough of Islington. Delek Real Estate owns the site of the planned 79,000-square foot conference center, which it leases to subsidiary National Car Parks Ltd. (NCP), held through Delek Global Real Estate Ltd. (AIM:DGRE). NCP owns 130 parking lots throughout the UK, all of which are on sites leased from Delek Global Real Estate.
Delek Real Estate is collaborating with Planit Events Ltd., one of London's premier events planning companies, on the project. The project reportedly involves clearing the square, including its bowling green, building a new underground parking lot, and the conference center. The bowling green will then be restored, with a 14-meter high structural arch. Planit Events will operate the convention center once it is built.
The freeholder, Islington Council, has reportedly approved the application to build the convention center, subject to a Section 106 agreement. A listed building planning application decision for part of the site has also been approved.
Opened in 1929, Grosvenor House, on Park Lane in Mayfair in the West End, is one of the largest, most luxurious, and famous hotels in London. The 5-star hotel's main ballroom is used for ceremonies and events, It is located on the former residence of the Duke of Westminster.
Published by Globes [online], Israel business news - www.globes-online.com - on March 4, 2009
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