| Mon 4 Nov 2002, 17:51 | | Liberty International Plc - Victoria Centre, Notti |
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Liberty International Plc - Victoria Centre, Nottingham
Liberty International Plc
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: LBT
Issuer Code: LILI I
4 November 2002
Victoria Centre, Nottingham
Liberty International assumes General Partnership role following retirement by
Baffin (U.K.) Limited as General Partner of Victoria Centre Partnership
Background
The Victoria Centre Partnership ("VCP") owns as its sole asset the freehold of
the Victoria Centre, Nottingham, a major regional shopping centre ranked within
the top 10 shopping centres in the UK by size.
Since the formation of VCP in 1991, the Liberty International group has held a
20 per cent limited partnership interest.
The balance of 80 per cent of VCP has been held by Baffin (U.K.) Limited
("Baffin") as general partner on behalf of the UK Prime Property Partnership
("UK Prime"). UK Prime has 12 limited partners including the Liberty
International group, through its regional shopping centre subsidiary, Capital
Shopping Centres PLC ("CSC"), with a 23.2 per cent interest.
The Liberty International group`s effective interest in the Victoria Centre
prior to the retirement referred to below therefore amounted to approximately 38
per cent.
The Liberty International group has been the appointed manager of the Victoria
Centre for the duration of VCP and will continue to manage the centre.
Retirement of Baffin as general partner of VCP
Baffin has given notice on 4 November 2002 of its retirement as general partner
of VCP. Following this retirement, the only partners in VCP are wholly owned
subsidiaries of Liberty International, one of which has now assumed the general
partner role. The Liberty International group is therefore now the effective
100 per cent owner of the Victoria Centre through VCP.
As a consequence of its retirement, Baffin is due to receive on behalf of UK
Prime a retirement payment from VCP of GBP204 million, subject to adjustment on
completion of the audited retirement accounts to take account of Baffin`s 80%
interest in VCP`s net current assets or liabilities as at the retirement date
and outstanding committed capital expenditure.
The total retirement payment to Baffin has been funded by a loan from Liberty
International to VCP.
Information on the Victoria Centre, Nottingham
The Victoria Centre was opened in 1972 as one of the first of the new generation
of shopping centres to be built in the UK from the 1970s and comprises 956,000
sq.ft. of retail space, anchored by John Lewis and House of Fraser, the latter
opened in 1996 as part of a major extension of the Northern end of the scheme.
The centre provided a net annual rental income of GBP15.8 million as extracted
from the latest audited VCP accounts for the year ended 31 December 2001. The
centre has 117 units, including a wide variety of multiple retailers, and has
the benefit of approximately 2700 car spaces and excellent public transport
links. Nottingham as a city is ranked 5th nationally by size of shopping
population with a catchment of some 3.8 million people.
Comment by Liberty International
Donald Gordon, Chairman of Liberty International and CSC, commented:
"We are delighted to be continuing and increasing our group`s involvement with
the Victoria Centre which goes right back to its original construction and
opening in 1972. The centre has a proven successful track record, attracting
some 23 million customer visits per annum. The arrangements are entirely in
accordance with our strategy of focussing on dominant regional shopping centre
locations in the United Kingdom."
Press enquiries:
Liberty International
David Fischel, Chief Executive +44 20 7960 1207
Peter Badcock, Director, CSC
Finance & +44 20 7887 7069
Operations Director
Public Relations (UK) - Hudson Sandler
Michael Sandler +44 20 7796 4133
Public Relations (South Africa) - College Hill Associates
Matthew Gregorowski (London) +44 20 7457 2020
Nick Williams (South Africa) +27(0) 83 607 0761
Notes for Editors
Liberty International PLC is a major listed property group owning 100 per cent
of Capital Shopping Centres PLC, the leading UK regional shopping centre
business, and Capital & Counties plc, a commercial and retail property
investment and development company.
At 30 June 2002, the group`s investment properties amounted to GBP4.2 billion
and shareholders` funds amounted to GBP2.4 billion.
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 over 180 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 current development programme of the Liberty International group through
Capital Shopping Centres includes a major GBP85 million extension at MetroCentre
and a GBP275 million commitment to the development of Chapelfield, Norwich, a
510,000 sq.ft. regional shopping centre scheduled to open in 2005. In addition,
major projects at Cardiff and Oxford 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 $300 million of assets.
The Liberty International group, originally founded in 1980, now has 284.2
million ordinary shares in issue with a net asset value per share at 30 June
2002 of 836p.
Liberty International has been listed on the London Stock Exchange since July
1992 and also obtained a listing on the Johannesburg Stock Exchange in 1999.
Liberty International`s FTSE ranking on the basis of market capitalisation
placed the company at number 97 as at the close of business on 1 November 2002
and, with this ranking, is a potential candidate for entry into the FTSE-100
index in the foreseeable future.
Date: 04/11/2002 05:27:33 PM Produced by the JSE SENS Department
