| Thu 23 Dec 2004, 14:40 | | CAPITAL & COUNTIES DISPOSAL OF IMPERIAL PLACE |
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LIBERTY INTERNATIONAL PLC - CAPITAL & COUNTIES DISPOSAL OF IMPERIAL PLACE,
BOREHAMWOOD
LIBERTY INTERNATIONAL PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: LBT
Issuer Code: LILI
23 December 2004
LIBERTY INTERNATIONAL PLC
CAPITAL & COUNTIES DISPOSAL OF IMPERIAL PLACE, BOREHAMWOOD
Below is the text of a press release issued by Capital & Counties, wholly owned
subsidiary of Liberty International PLC, concerning the above.
Enquiries:
Liberty International PLC:
Aidan Smith Finance Director +44 (0) 20 7960 1210
Public
relations:
UK: Michael Sandler,
Hudson Sandler +44 (0)20 7796 4133
SA: Matthew Gregorowski,
College Hill Associates +44 (0)20 7457 2020
Nicholas Williams,
College Hill Associates +27 (0)11 447 3030
Capital & Counties
Disposal of Imperial Place, Borehamwood, Hertfordshire for GBP58.6 million
Capital & Counties, wholly owned subsidiary of Liberty International PLC, has
sold Imperial Place, its 224,000 sq.ft. office investment at Borehamwood to
Europa Borehamwood IP SARL, a joint venture of Europa Capital`s Europa Fund II
and The Property Merchant Group. Capital & Counties developed the property,
completing the last phase in 2001 when T-Mobile took a lease until 2016. The
sale was completed following a surrender of T-Mobile`s lease of the premises.
Total consideration received was GBP58.6 million (initial yield 6.7%) and
Capital & Counties will realise an exceptional profit of GBP9.7 million over the
valuation of the investment at 31 December 2003.
Bill Black, Director of Capital & Counties, commented:-
`The surrender and sale represented a unique opportunity to maximise value from
a substantially over-rented, but well-let asset, in a relatively poor occupier
market where we had completed as much development as we could. Importantly, the
transaction was in line with our strategy to focus our activities on growth
markets, particularly in Central London and in retail opportunities elsewhere.`
Noel Manns, a Principal of Europa Capital, commented:-
`We are delighted to have acquired these excellent assets with our joint venture
partner The Property Merchant Group and are looking forward to working with them
in undertaking a full refurbishment of the properties and leasing up during
2005.`
Donaldsons advised Europa and The Property Merchant Group on the acquisition and
will be retained as joint letting agents with Lambert Smith Hampton.
Enquiries:
Capital & Counties
Bill Black Director of Capital & +44 (0) 20 7887
Counties 7009
Europa Capital
Noel Manns Principal +44 (0) 20 7881
6800
The Property Merchant Group
Miff Chichester Principal +44 (0) 20 7408
0690
Additional notes on Liberty International PLC group for information:
Capital & Counties
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
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 over GBP3
billion at 30 June 2004.
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 Johannesburg Stock Exchange.
Europa Capital
Europa Fund II is managed by Europa Capital (`EC`), an independent, London
based, fund management group owned by its management.
Europa Fund II is the fourth fund managed or advised by EC`s management team.
Assets already acquired by Europa Fund II include properties in the UK and
Hungary.
EC is regulated by the FSA.
Europa Fund II is a close-ended private equity real estate fund.
Europa Fund II can invest capital throughout the European Union including the
recently acceded countries, Norway and Switzerland.
Europa Fund II benefits from Europa Capital`s network of exclusive Country
Partners, who co-invest in acquisitions made by Europa Fund II in their
territory. Many of the Country Partners have worked closely with the Principals
of EC during the last 20 years.
The Property Merchant Group
The Property Merchant Group, chaired by The Hon Nicholas Soames MP, specialises
in office and retail asset management in London and the M25. It recently sold
120 Moorgate, London, EC2 to Redevco for GBP46.2 million and its 100 Cannon
Street project, pre-let to Sainsbury, to Standard Life.
This announcement includes statements that are forward-looking in nature.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
Liberty International PLC to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Any information contained in this announcement on the price at
which shares or other securities in Liberty International PLC have been bought
or sold in the past, or on the yield on such shares or other securities, should
not be relied upon as a guide to future performance.
Sponsor: Merrill Lynch SA
Date: 23/12/2004 02:23:28
Produced by the JSE SENS Department
