Alrov (Israel) Ltd. (TASE: ALRO), controlled by Alfred Akirov, has reached an understanding with The Crown Estate to purchase a property on Regent Street in London for ₤90 million. The 24,000-square meter property, known as the "Cafe Royal" is being rezoned for a 160-room luxury hotel, as well as commercial space.
The Crown Estate manages more than ₤7 billion of property owned by the British royal family. The properties include, according the its website, "cityscapes, ancient forests, farms, parkland, coastline, and communities" throughout the UK and functions "as employer, influencer, manager, guardian, facilitator and revenue creator".
Alrov is carrying out the negotiations through subsidiary Locka Holding Ltd., in which it owns 80%. Alrov has paid a deposit on the property. The purchase of the property is subject to reaching a binding agreement by March 2009. If no deal is reached, the parties can withdraw from the deal and the deposit will be returned.
Published by Globes [online], Israel business news - www.globes-online.com - on April 13, 2008
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