| Wed 18 Jul 2007, 12:00 | | LBT - Liberty International Plc - Great Capital Pa |
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LBT
LILII
LBT - Liberty International Plc - Great Capital Partnership - acquisitions
totalling GBP159.5 million
LIBERTY INTERNATIONAL PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: LBT
Issuer Code: LILI I
18 July 2007
Great Capital Partnership - acquisitions totalling GBP159.5 million
Attached is an announcement made by Capital & Counties, wholly owned
subsidiary of Liberty International PLC.
Susan Folger
Company Secretary
Tel No +44 20 7960 1200
18 July 2007
Great Capital Partnership - acquisitions totalling GBP159.5 million
Great Portland Estates plc ("GPE") and Liberty International subsidiary
Capital & Counties Ltd ("C&C") announce that their 50:50 central London joint
venture, The Great Capital Partnership ("GCP"), has agreed to acquire six
properties in four separate transactions for GBP159.5 million in aggregate as
follows:
In Regent Street, W1, three properties have been acquired from WELPUT for
GBP111.8 million. The properties are 100 Regent Street & 33 Glasshouse
Street; Regent Arcade House, 19/25 Argyll Street; and Spirella House, 266/270
Regent Street. They are held leasehold from the Crown Estate ("The Crown") for
an average unexpired term of 88 years at an average ground rent of 13.5% rents
received, comprise 128,100 sq ft of commercial space and produce a current
annual rent, net of ground rent, of GBP5.43 million. The average office rent
is GBP44 per sq ft and the average retail rent is GBP257 per sq ft Zone A.
The buildings have an estimated total net rental value of GBP6.92 million per
annum in their current un-reconfigured state.
Elsewhere three buildings have been acquired adjacent to existing holdings in
the West End and Midtown in three separate transactions for a total price of
GBP47.7 million as follows:
54/56 Jermyn Street, London, SW1, has been acquired for a price of GBP19.5
million and comprises 28,400 sq ft of commercial space let to Wilton`s
restaurant and Standard Chartered Bank. The building is held on a lease from
the The Crown with 72 years remaining and adjoins GCP`s 104,000 Piccadilly
Estate also held on similar leases from the Crown. The current net rent,
having deducted the ground rent, is GBP1.0 million per annum with a rent
review outstanding.
43 Fetter Lane, London, EC4, is a freehold vacant building which currently
comprises 28,840 sq ft, has the benefit of planning consent for 39,500 sq ft
and has been acquired for a price of GBP20.5 million. It is adjacent to GCP`s
existing ownership at 12/14 New Fetter Lane, EC4 and together they form a 0.25
acre island site with good potential for a larger scale scheme.
10/12 Park Crescent, London, W1, is a 21,000 sq ft office building let to
Adobe Systems producing a net annual rent of GBP318,000 rising to GBP598,000
in November 2008 and has been acquired for a price of GBP7.7 million. The
property adjoins GCP`s existing Park Crescent holdings and is also held on a
lease from the Crown.
This brings the total assets in GCP to GBP621 million, of which 63 per cent is
on or in the immediate vicinity of Regent Street.
Robert Noel, Property Director of GPE said: "We announced the creation of GCP
with GBP460 million of assets at the end of March. These transactions bring
six further properties in first class locations with asset management
opportunities and very good prospects for rental growth from the current base.
Three of the assets, when combined with their neighbouring properties, provide
larger scale development opportunities which further augment our near and
medium term development pipeline"
Contacts:
Great Portland Estates plc
Toby Courtauld Chief Executive +44 20 7647 3042
Robert Noel Property Director +44 20 7647 3043
Finsbury
Gordon Simpson +44 20 7251 3801
Capital & Counties
Gary Marcuccilli +44 20 7887 7037
Notes for Editors
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 C&C
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.
GREAT PORTLAND ESTATES plc is a central London investment and development
company and a constituent of the FTSE 250 index. It aims to deliver superior
returns to shareholders through active management, the application of
development skills to create value and the maximising of equity returns
through efficient capital structuring and flexible financing. GPE converted
into a UK Real Estate Investment Trust (REIT) on 1 January 2007.
At 31 March 2007 GPE`s portfolio, including its share of joint ventures, was
valued at GBP1,535 million of which 82% was in the West End and 18% in the
City and Southwark markets.
Great Capital Partnership was formed in April 2007 and is the third joint
venture for GPE following the Great Victoria Partnership, formed with
Liverpool Victoria Friendly Society in January 2005 and the Great Wigmore
Partnership formed with Scottish Widows Investment Partnership in July 2006.
These acquisitions will increase assets under management to GBP2.2 billion
based on the 31 March valuation.
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 and Great Portland Estates 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 or Great Portland Estates 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.
Date: 18/07/2007 12:00:01 Produced by the JSE SENS Department.
