Liberty International PLC - Annual General Meeting
Liberty International PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: LBT
Issuer Code: LILI I
Annual General Meeting Trading Statement
The following represents the text of a trading statement made by the Company at
today"s Annual General Meeting.
"Our 2002 preliminary results were announced on 12 February 2003. Since then,
financial markets have continued to be extremely volatile, reflecting the major
political and economic uncertainties emanating from the Middle East situation
which are currently overshadowing corporate decision making generally.
The Office for National Statistics" (`ONS") latest release of non-food retail
sales figures for January and February 2003 showed year on year increases of 1.8
per cent and 2.8 per cent respectively.
Cumulative reported like-for-like increases in retail sales at our leading
regional shopping centres have overall exceeded the ONS comparative with
particularly strong trading performances continuing at our most recently opened
centres, Braehead, Glasgow (September 1999) and The Chimes, Uxbridge (March
2001).
Vacancies within our GBP3.5 billion portfolio of regional shopping centres remain
at negligible levels, with positive demand for new or additional space from
retailers. Letting progress on current developments, including Chapelfield,
Norwich, scheduled for opening in 2005, and the New Red Mall at MetroCentre,
Gateshead, scheduled for opening in 2004, is in line with expectations.
Our major potential joint venture developments at Cardiff and Oxford continue to
progress through the planning process and we remain optimistic that appropriate
planning permissions will be obtained in due course.
While we have seen no improvement in the West End of London office market since
February, we have not experienced any material change from the low overall
vacancy rate reported in February 2003 within our GBP700 million UK retail and
commercial investment portfolio. Terms have been agreed and solicitors
instructed on some 35,000 sq.ft. of the 80,000 sq.ft. available at the office
developments, Capital Court, Uxbridge, and Capital Park, Cambridge."
Press Enquiries:
Liberty
International PLC:
David Fischel Chief Executive +44 (0)20 7960 1207
Aidan Smith Finance Director +44 (0)20 7960 1210
Public Relations:
UK: Michael Sandler Hudson Sandler +44 (0)20 7796 4133
SA: Matthew College Hill +44 (0)20 7457 2020
Gregorowski Associates
26 March 2003
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