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LIBERTY INTERNATIONAL PLC - GHIRARDELLI SQUARE, SAN FRANCISCO
Liberty International Plc
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: LBT
Issuer Code: LILI I
GHIRARDELLI SQUARE, SAN FRANCISCO
Below is the text of a press release issued this morning by Capital & Counties,
the wholly owned subsidiary of Liberty International, concerning the disposal of
the above asset. The market value of Ghirardelli Square was $34.5 million at 31
December 2003, and the asset produced approximately $2.9 million of net property
investment income in 2003.
`Ghirardelli Square
Liberty International`s US subsidiary, Capital & Counties USA Inc. (`C&C`), has
sold its freehold interest in Ghirardelli Square, San Francisco`s speciality
waterfront shopping centre.
John Saggers, Managing Director, commented: `Until recently, C&C owned only 50
per cent of this asset, but in June last year the remaining 50 per cent was
acquired from the joint owner. We took full control of the property to enable
us to have the freedom to embark on various value-adding strategies. However, a
number of approaches were made to us by investors interested in the acquisition
of this high profile asset and we decided to respond to that demand in the
currently strong US investment market. The property was sold at around a 30 per
cent premium to the market value at 31 December 2003.
We agreed the terms of the disposal early in 2004 and completion has now taken
place. We are looking to re-invest the proceeds in property investments in the
San Francisco Bay Area and are already negotiating on a number of acquisitions
where we believe value enhancement can be derived from active management`.
29 June 2004
Enquiries
Liberty International PLC
David Fischel
Chief Executive
+44 (0)20 7960 1207
John Saggers
Director, MD of Capital & Counties
+44 (0)20 7887 7041
Public Relations:
UK: Michael Sandler
Hudson Sandler
+44 (0)20 7796 4133
SA: Matthew Gregorowski (UK)
College Hill Associates
+44 (0)20 7457 2020
Nicholas Williams (SA)
College Hill Associates
+27 (0)11 447 3030
Additional notes on Liberty International PLC group for information:
Capital & Counties is the wholly owned retail and commercial property subsidiary
of Liberty International PLC and controls property investments approaching GBP1
billion. This includes significant holdings in Central London, particularly the
West End, Mid Town and the South Bank. The company also owns offices around the
M25 as well as major retail interests both in Central London and a number of UK
cities. As well as its UK interests, Capital & Counties has a US property
company based in San Francisco with assets in Northern and Southern California.
Liberty International PLC is a major UK listed property group owning 100 per
cent of Capital & Counties together with Capital Shopping Centres PLC, the
leading UK regional shopping centre business. The Group`s property assets
amounted to over GBP5.0 billion and shareholders` funds amounted to GBP2.9
billion at 31 December 2003.
Liberty International has been listed on the London Stock Exchange since July
1992, where it is a constituent of the FTSE-100 index of the UK`s leading
companies, and is also listed on the JSE Securities Exchange South Africa.
Date: 29/06/2004 11:56:04 AM
Produced by the JSE SENS Department
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