UK Embassy moves off coast

The embassy plans to move the Kirya Tower.

The UK Embassy in Tel Aviv plans to move to the Kirya Tower in Tel Aviv after being located on the seafront Hayarkon Street for decades. Sources inform ''Globes'' that the embassy plans to rent three floors in the Kirya Tower from Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) at $27 per square meter per month.

23 floors of the 74,000-square meter 42-storey Kirya Tower are leased to the Israeli government. The UK Embassy is negotiating a lease on other floors, which have a separate and luxurious lobby, which Africa-Israel has just begun to market. Each floor has 2,000 square meters, which means that the embassy will pay $162,000 in rent a year. The building, located on Menahem Begin Road, across the street from the Azrieli Towers, has a helipad on the roof.

An Africa-Israel Properties Ltd. (TASE: AFPR) spokesman said in response, "The company does not comment on these matters."

The UK Embassy currently occupies a 3,000-square meter building at 192 Hayarkon Street, at the corner of Arlozorov Street and across the street from the Tel Aviv Hilton. Hayarkon Street is Tel Aviv's "embassy row". Apartment prices on the street have soared, with many apartments bought by British citizens. The Russian Embassy on the street is up for sale for $10 million. The US Embassy is just down the street.

Published by Globes [online], Israel business news - www.globes-online.com - on July 29, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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