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Business News: Issue 233 3 Aug 2011

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NCP seeks £3m cut in rent bill

Mark Moran

National Car Parks (NCP) is reported to have requested a £3m annual reduction in rents on a portfolio of 127 car parks it leases from a Isreali-owned property, which is itself facing serious financial problems. NCP is believed to have requested the 7% rent reduction from Delek Global Real Estate, starting in September. This would deliver a quarterly reduction of £750,000.

Delek Global Real Estate, which is owned by Israeli billionaire Yitzhak Tshuva, acquired its 59% stake in the...

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