| Mon 17 Sep 2001, 0:00 | | Liberty International Plc - Text Of Announcement B |
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LIBERTY INTERNATIONAL PLC
SHARE CODE: LBT
ISIN CODE: GB0006834344
PRESS RELEASE
17 September 2001
CARDIFF
Capital Shopping Centres, a wholly owned subsidiary of Liberty
International, announces that it will be working over the next few months
with Cardiff City Council and Land Securities PLC to explore retail
opportunities in the centre of Cardiff.
Attached is an explanatory announcement made by Cardiff City Council.
Enquiries
David Fischel, Chief Executive, Liberty International 020 7960 1207
John Abel, Managing Director, Capital Shopping Centres 020 7887 7057
TEXT OF ANNOUNCEMENT BY CARDIFF CITY COUNCIL
Cardiff Council has lent its support to Land Securities and Capital Shopping
Centres to take first steps towards extending the retail heart of Cardiff
city centre which will enhance further Cardiff's position as Europe's
youngest capital.
The development will strengthen Cardiff's attraction as a major shopping
centre and its international reputation as a tourist and leisure
destination. The objective will be to maximise Cardiff's many commercial,
cultural and civic amenities thereby helping it to realise its potential as
a leading European capital city.
Land Securities PLC and Capital Shopping Centres PLC, which between them own
and manage much of the existing shopping amenities in the St David's Centre
and The Hayes, have agreed in principle to form a Partnership to deliver the
project, which will comprise some 750,000 sq ft of retail-led mixed-use
urban regeneration.
In addition to new shopping, leisure and residential facilities, the
proposals will also provide a mix of lively and vibrant squares together
with tree-lined boulevards and a dramatic Grand Arcade for shoppers,
visitors and the citizens of Cardiff to experience and enjoy.
The Council Cabinet is recommending that a Memorandum of Understanding is
agreed with the development partnership, which will allow them to progress
their proposals over the next nine months.
This will include a period of consultation to review land usage and current
leases with other leaseholders in the area.
The Partnership will then report back to the Council in detail and seek
approval to proceed as the preferred developer with a view to starting work
on site within three years.
As part of the Partnership arrangements, the developers will work closely
with the Council to actively manage the process of change so as to minimise
impact and disruption to existing traders, car parking and public access.
This will include provision for a minimum number of car parking spaces being
available during each phase of the project.
- Ends -
For further information contact:-
Michael Thomas on (029) 2087 2450
Cardiff City Council
email: m.thomas@cardiff.gov.uk
Peter Cleary/Emma Denne John Abel
Land Securities PLC Capital Shopping Centres PLC
020 7413 9000 020 7887 7057
email: peter.cleary@landsecurities.com email: john-abel@capshop.co.uk
Notes to editors follows
Note to Editors:
Capital Shopping Centres PLC is the leading company in the United Kingdom
specialising in the ownership, management and development of regional
shopping centres. The company has a portfolio of ten high quality shopping
centres, totalling some 8 million square feet, seven of which are in town
centres including major schemes in Newcastle, Nottingham and Watford.
CSC has over 30 years experience of working in partnership with local
authorities and other partners. Current projects include partnership
schemes for major retail led mixed used town centre projects in Oxford and
Liverpool.
Capital Shopping Centres is a wholly owned subsidiary of Liberty
International PLC, a listed property company with assets of some 4 billion.
Land Securities is one of Britain's leading real estate companies with fixed
assets of 8.3 billion and a 2 billion development programme. The company
has a diversified portfolio comprising four core areas of investment -
central London offices and shops, shopping centres, retail warehouses, and
industrial and warehousing premises in the South East. The company is
progressing a substantial retail led urban regeneration programme in major
cities throughout the UK including York, Canterbury, Exeter and Birmingham,
where it is one of the three partners in the Birmingham Alliance.
Land Securities is also one of the UK's leading provider of total property
services. Through Land Securities Trillium it combines capital, estate and
facilities management expertise in an outsourcing package that has
revolutionised the provision of serviced accommodation.
