Sources say Delek not stakebuilding in Great Portland

Mon Apr 14, 2008 3:20pm BST

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LONDON (Reuters) - Delek Global Real Estate (DGRE.L), the property arm of Israeli conglomerate Delek Group (DELKG.TA), is not plotting a sharebuying spree in property company Great Portland Estates (GPOR.L), sources said on Monday.

A report in Israeli newspaper Globes suggested that Delek was in talks to acquire a 25 percent stake in the central London property investor, sparking a 1.9 percent rise in Great Portland shares to 481 pence by 3:10 p.m.

But two sources familiar with the matter told Reuters that the companies had had no contact to discuss such an approach, which would also require a public announcement as per stock market protocol.

One source said there was "no substance to the rumours".

(See www.reutersrealestate.com for the global service for real estate professionals from Reuters)

(Reporting by Sinead Cruise, additional reporting by Ari Rabinovitch in Tel Aviv)

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