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LBT
LILII
LBT - Liberty International Plc - EC&O Venues (Earls Court And Olympia
Group) Enters into joint venture agreement with Liberty International Plc
LIBERTY INTERNATIONAL PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: LBT
Issuer Code: LILI
2 July 2007
EC&O VENUES (EARLS COURT AND OLYMPIA GROUP) ENTERS INTO JOINT VENTURE
AGREEMENT WITH LIBERTY INTERNATIONAL PLC
Attached is an announcement made by Capital & Counties, wholly owned
subsidiary of Liberty International PLC.
Susan Folger
Company Secretary
Tel No 020 7960 1200
July 2 2007
EC&O VENUES (EARLS COURT AND OLYMPIA GROUP) ENTERS INTO JOINT VENTURE
AGREEMENT WITH LIBERTY INTERNATIONAL PLC
The shareholders of EC&O Venues (Earls Court and Olympia Group), headed by
Chief Executive Officer Anthony Lyons, have announced a 50:50 joint venture
agreement with Capital & Counties, a subsidiary of Liberty International
PLC.
Capital & Counties has agreed to acquire a 50 percent interest in EC&O for
a sum that, taking account of all assets, debt and other liabilities of the
business, values the company at approximately GBP375-380million.
The partnership will own and manage Earls Court and Olympia Exhibition
Centres and the Brewery (Chiswell Street, London EC2) with the aim of
establishing the venues as landmark leisure destinations, centred around
the core businesses of exhibitions, conferences and special events.
Commenting on the establishment of the partnership, Anthony Lyons said "We
came to this business with a plan to increase shareholder value and the
equity and reputation of the brand. We are delighted to have created this
relationship with Capital & Counties which will enable EC&O Venues to build
on its position as owner and operator of London`s leading event venues."
Ian Hawksworth, Managing Director of Capital & Counties, commented "We are
looking forward to participating in the future of EC&O and to enhancing its
already excellent reputation whilst exploring opportunities to intensify
use."
-ends-
For further information:
Jeremy Probert, Director of Communications, EC&O Venues
+44 20 7370 8037, 0777 333 8727, jeremy.probert@eco.co.uk
Ian Hawksworth, Managing Director, Capital and Counties and Executive
Director of Liberty International
+44 20 7887 7041, ian-hawksworth@capcount.com
Michael Sandler, Hudson Sandler
+44 20 7796 4133
Company information:
LIBERTY INTERNATIONAL PLC is one of the UK`s largest listed property
companies and a constituent of the FTSE-100 Index of the UK`s leading
listed companies. Liberty International converted into a UK Real Estate
Investment Trust (REIT) on 1 January 2007.
Liberty International owns Capital Shopping Centres ("CSC"), the premier UK
regional shopping centre business and Capital & Counties, a retail and
commercial property investment and development company.
At 31 December 2006 Liberty International held GBP8.2 billion of investment
properties of which UK regional shopping centres comprised 80 per cent and
retail property in aggregate 92 per cent. Shareholders` funds (diluted)
amounted to GBP5.0 billion.
CAPITAL SHOPPING CENTRES has interests in 14 UK regional shopping centres
amounting to 12.4 million sq.ft. in aggregate including 8 of the UK`s top
21 regional shopping centres. CSC`s largest centres are Lakeside, Thurrock;
MetroCentre, Gateshead; Braehead, Renfrew, Glasgow; The Harlequin, Watford;
and Manchester, Arndale. CSC has three major development projects underway
or with planning permission in Cardiff, Oxford and Newcastle.
CAPITAL & COUNTIES held assets of GBP1.65 billion at 31 December 2006
amounting to 6.7 million sq.ft. in aggregate. Following recent purchases
Capital & Counties now has around GBP620 million invested in the Covent
Garden area including the historic Covent Garden Market, and a further
GBP350 million in Central London.
In addition to some GBP450 million invested in other retail and commercial
properties in the UK, Capital & Counties has interests in the USA amounting
to around GBP350 million (2.4 million sq.ft.), predominantly comprising
retail assets in California, notably the 856,000 sq.ft. Serramonte Shopping
Centre, Daly City, San Francisco. Capital & Counties is a wholly owned
subsidiary of Liberty International PLC.
EC&O Venues is one of the UK`s leading operators of event venues, with a
portfolio comprising Earls Court Exhibition Centre, Olympia Exhibition
Centre and the Brewery (Chiswell Street, London EC1).
The venues host over 1,000 events every year, attended by more than 30,000
exhibiting companies and attracting in the region of three million
visitors. Included within the venues` roster of events are the Daily Mail
Ideal Home Show, the Metro Ski and Snowboard Show, the London Book Fair,
the International Horse Show, Erotica, MPH and the BRIT Awards.
This announcement includes statements that are forward-looking in nature.
Forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements of Liberty International PLC to be materially different from
any future results, performance or achievements expressed or implied by
such forward-looking statements. Any information contained in this press
release on the price at which shares or other securities in Liberty
International PLC have been bought or sold in the past, or on the yield on
such shares or other securities, should not be relied upon as a guide to
future performance
2 July 2007
Date: 02/07/2007 09:42:45 Produced by the JSE SENS Department.
