Liberty International Plc - King's Reach Acquisiti
GBP70 million King's Reach Acquisition
A subsidiary company of the Liberty International PLC group has exchanged
contracts for the purchase of King's Reach, Stamford Street, London SE1 for
GBP70 million, a price equivalent to GBP255 p.s.f. Capital & Counties, the
group's wholly owned commercial property division will carry out asset
management of the investment.
The complex consists of 275,000 sq.ft. of offices and retail space as well
as a block of residential flats. The principal offices, including a 30
storey tower building, are let to IPC Magazines on a lease expiring in 2007.
The passing rent on the offices averages GBP16 p.s.f. and there is a rent
review due in June 2002.
The complex offers the prospect of a substantial reversion in 2002 and
thereafter presents a significant opportunity for refurbishment and
redevelopment in an area with strong potential for further growth.
The purchase is in line with the group's strategy of concentrating primarily
on major regional shopping centres and Central London assets where it can
add value.
Enquiries:
Liberty International PLC/Capital & Counties plc
John Saggers, Director, Liberty International
Managing Director, Capital & Counties +44 (0)20 7887 7014
Gary Marcuccilli, Director, Capital & Counties +44 (0)20 7887 7014
Public Relations
UK
Michael Sandler, Hudson Sandler +44 (0)20 7796 4133
SA
Nicholas Williams, College Hill Associates +44 (0)20 7457 2020
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