| Thu 7 Feb 2002, 0:00 | | Liberty International Plc - $119 Million Acquisiti |
|
Center, California
Liberty International Plc
Liberty International group, through its wholly owned US subsidiary, Capital
& Counties USA Inc, has exchanged contracts for the purchase of a major
regional shopping mall, Serramonte Shopping Center, Daly City, California
for $119 million at an initial yield of 9%.
The Serramonte Shopping Center consists of 850,000 square feet of single
level retail space, anchored by Macy's, Target and Mervyn's, with 4,645 car
parking spaces on 80 acres. It is located at the intersection of interstate
Highway 280 and Highway 1 immediately to the South of the City of San
Francisco and is the centerpiece of a highly successful regional retail hub
in Northern California which includes a collection of "big box" retailers
such as Home Depot, Nordstrom Rack, Costco, Bed Bath and Beyond and Toys `R
Us.
The property is subject to a $66.9 million non-recourse mortgage at 6.93 %
repayable in January 2005. The balance of the consideration will be
provided from the group's overall cash resources.
The acquisition represents a significant step forward for the group's US
entity, which had some $200 million of assets at the end of 2001, and will
be immediately earnings enhancing for the group. The center is considered
to provide a number of value adding opportunities.
Press Enquiries:
Liberty International PLC/Capital & Counties USA Inc
David Fischel,
Chief Executive , Liberty International 020 7960 1207
John Saggers,
Director, Liberty International
Managing Director, Capital & Counties 020 7887 7041
Public Relations
UK
Michael Sandler, Hudson Sandler 020 7796 4133
SA
Nicholas Williams, College Hill Associates 020 7457 2020
Notes for Editors
Liberty International PLC is a major UK listed property group owning 100 per
cent of Capital Shopping Centres PLC, the leading regional shopping centre
business, and Capital & Counties plc, a commercial and retail property
investment and development business.
Property assets under management, including partners' interests, amount to
over GBP5.0 billion of which GBP4.2 billion is directly owned.
The group's GBP3.2 billion regional shopping centre portfolio operated by
Capital Shopping Centres includes 6 of the UK's top 15 shopping centres,
receives approaching 200 million customer visits per annum, and includes
such landmark assets as Thurrock, Lakeside, the MetroCentre, Gateshead, and
Braehead Glasgow. The most recently opened shopping centre was The Chimes,
Uxbridge, which opened in March 2001, the group's tenth centre.
The current development programme of Capital Shopping Centres includes a
major GBP80 million extension at MetroCentre and projects at Oxford, Cardiff
and Liverpool which are at the planning stage.
The GBP1.0 billion commercial property portfolio operated by Capital &
Counties includes significant holdings in London's West End, particularly in
Piccadilly, Covent Garden, the Strand, Regent Street and High Street
Kensington, together with retail interests in major UK cities and a property
business in California with some $200 million of assets.
Liberty International has 284 million ordinary shares in issue with a net
asset value per share (diluted) at 30 June 2001 of 812p and shareholders'
funds of GBP2.4 billion at that date. The preliminary announcement of the
result for the year ended 31 December 2001 is scheduled for Tuesday 12th
February 2002.
Liberty International has been listed on the London Stock Exchange since
July 1992 and is also listed on the Johannesburg Stock Exchange.
