AIM-listed Delek Global is planning a move to the London Stock Exchange’s full list in the new year, which could see it enter the FTSE 250.
The Israeli-backed property investor, which has a market capitalisation of around £480m, revealed the move when discussing its maiden results for its first half.
Chief operating officer Nadav Zohar said: “We will move as soon as the LSE permits us to. We regard the full list as a more natural home because our natural competitors are trading there.”
Delek, which owns properties including NCP car parks and Marriott hotels, posted a pretax profit of £55m for the six months ending 30 June. NAV came in at 230p per share.
Delek said its portfolio was valued at £1.9bn at the end of June, but would rise to £2.45bn once outstanding deals were completed. At the period end, 59% of its portfolio was in the UK.
Zohar said there was “excellent development potential” within its NCP car park portfolio, where it had identified 10 sites to add 4,000 spaces and 40 sites to develop 2.69m sq ft of residential, office, retail and hotel space.
Delek listed on AIM in April at around 200p. Its shares have steadily fallen since, but climbed 5% to 187p following this week’s results.
