Israel's Delek Real Estate said on Sunday its Delek Global Real Estate (DGRE) unit was planning to float on London’s AIM.

DGRE plans to offer about 22% of its share capital at between 225p and 290p a share, which would value the company at between £623m and £760m. It did not give any details of when the float will take place.

The company, a wholly-owned subsidiary of Belron International, also said it would issue shares in a private placement to institutional investors.

DGRE said it would use the money raised through the flotation to finance the acquisition of additional properties in countries where it is currently active, including western Europe and Canada, and to provide working capital.

Merrill Lynch has been chosen as the sole global coordinator and bookrunner.