26 March 2002
ANNUAL GENERAL MEETING TRADING STATEMENT
The following represents the text of a trading statement made by the
Chairman, Donald Gordon, at Liberty International's Annual General Meeting
held today:
"Since we reported our 2001 results on 12 February 2002, monthly sales
figures at our UK regional shopping centres collected from various retailers
for the first two months of the year have continued the growth pattern
reported in 2001. Braehead, Glasgow, now in its third year of trading, has
again recorded double digit growth in each of the first two months with our
other centres showing consistent steady growth. Retailer demand for shops
in our centres continues to be robust and the overall level of void units
remains extremely low.
Capital Shopping Centres, our major UK shopping centre division, continues
to progress the extensive range of regional shopping centre investment and
development opportunities partly referred to in our 2001 results
announcement, particularly with respect to the planning and third party
issues entailed, and we expect to have positive news to announce on a number
of these projects in the near future.
The acquisitions of King's Reach, Southwark, London and Serramonte Shopping
Centre, Daly City, San Francisco have now completed. Both projects add a
new dimension of scale and geographic location to the activities of our
commercial property subsidiary, Capital & Counties, and offer considerable
potential to add value.
We continue to have only limited vacancy levels in our London office
portfolio, despite overall vacancy levels in London's West End office market
having risen. Retail demand in London's West End continues to be buoyant."
Press Enquiries:
Liberty International PLC:
Donald Gordon Chairman +44 (0)20 7960
1202
David Fischel Chief Executive +44 (0)20 7960
1207
Public relations:
UK: Michael Sandler, Hudson +44 (0)20 7796
Sandler 4133
SA: Nicholas Williams, College +44 (0)20 7457
Hill Associates 2020
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