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Liberty International Plc - CSC takes ownership of Chapelfield, Norwich
Liberty International Plc
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: LBT
Issuer Code: LILI
6 October 2005
CSC TAKES OWNERSHIP OF CHAPELFIELD, NORWICH
Attached is an announcement issued by Capital Shopping Centres, wholly owned
subsidiary of Liberty International PLC.
Susan Folger
Company Secretary
CSC TAKES OWNERSHIP OF CHAPELFIELD, NORWICH
Capital Shopping Centres PLC ("CSC") has formally taken ownership of Chapelfield
shopping centre, Norwich, following the opening of the centre on 21 September
2005.
The total cost of the development for CSC amounts to GBP263 million of which
GBP223 million has now been paid. The balance of GBP40 million was paid at the
inception of the project in December 2002. The passing rental income from the
centre once fully let is expected to be around GBP17.5 million.
The 530,000 sq.ft. shopping centre is the largest retail project to open in the
UK this year and will reinforce Norwich as a top ten UK retail destination,
cementing its dominant position as the principal retail and leisure destination
in the expanding East Anglian market. Anchored by a new 140,000 sq.ft. House of
Fraser department store, Chapelfield has some 97 shops, cafes and restaurants
and the space is almost 100% committed, attracting some 40 new retailers to the
city.
The above consideration excludes the residential element of the project
comprising 118 units which flank the centre and will be available for occupation
from 2006.
Commenting on the purchase, Kay Chaldecott, Managing Director of CSC said:
"Chapelfield, Norwich, is a fine example of urban regeneration, being built on
the site of a former chocolate factory, and a tremendous addition to our range
of prime UK regional shopping centres. The centre has an attractive tenant mix
and customer flow since opening has been very encouraging."
ENQUIRIES:
Kay Chaldecott, Managing Director, CSC +44 (0) 20 7960 7103
Margaret Harwood, Communications Manager, +44 (0) 20 7887 7029
CSC
FURTHER INFORMATION:
Capital Shopping Centres ("CSC"), a wholly owned subsidiary of Liberty
International PLC, is the leading company in the UK specialising in the
ownership, management and development of regional shopping centres. CSC owns
12 completed regional shopping centres in the UK of which 9 are in the UK"s top
twenty-five. These centres include 4 of the UK"s regional out-of-town centres:
Lakeside Thurrock; MetroCentre Gateshead; Braehead, Renfrew, Glasgow; and The
Mall at Cribbs Causeway, Bristol (66% owned jointly with Prudential); and 8
major in-town centres including Manchester Arndale (95% owned jointly with
Prudential) and Chapelfield, Norwich, which opened in September 2005. The
company is engaged on a substantial development programme involving both new
city centre schemes in Cardiff and Oxford, and extensions to existing shopping
centres. Overall, CSC owns over 10 million sq.ft. of retail space attracting
over 210 million customer visits a year.
Chapelfield, Norwich, was developed by Lend Lease Europe on behalf of CSC and is
now an integral part of the Norwich city centre. It provides 530,000 sq.ft. of
retail space, with a 140,000 sq.ft. House of Fraser department store, over 80
shops and 17 cafes and restaurants and will provide 118 new apartments. Some 40
of its retailers are new to Norwich. It is integrated with the local public
transport and has a 1,000 space on-site car park. Around 2,000 new retail jobs
have been created.
Date: 06/10/2005 09:29:02 AM Produced by the JSE SENS Department
