| Fri 28 Oct 2005, 8:10 | | Liberty International Plc - GBP53m Purchase increa |
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Liberty International Plc - GBP53m Purchase increases interest in Eldon Square
LIBERTY INTERNATIONAL PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: LBT
Issuer Code: LILII
28 October 2005
GBP53 MILLION PURCHASE INCREASES INTEREST IN
ELDON SQUARE, NEWCASTLE UPON TYNE, TO 60 PER CENT
The Liberty International group has increased its interest in the Eldon Square
Shopping Centre, Newcastle upon Tyne, from 45 per cent to 60 per cent by the
acquisition of units in the Eldon Square Unit Trust, which holds a 15 per cent
interest in the centre. The consideration of GBP53 million is in line with the
group"s June 2005 valuation. At the same time, Capital Shopping Centres ("CSC")
has signed a Co-operation Agreement with The City of Newcastle, owner of the
remaining 40 per cent, which facilitates extending the term of CSC"s leasehold
interest from 70 years to 250 years. CSC manage the centre.
CSC has planning consent for a GBP170 million development project for the
remodelling and extension of Eldon Square, providing some 480,000 sq.ft. of new
retail space including a new department store, large format retail units, a new
bus station and improved pedestrian access. Enabling work has been underway for
some months and construction of the project referred to as ES West is now on
site, providing 7 large retail units on the busy Blackettbridge mall and two new
restaurants at ground level, overlooking Old Eldon Square. The new shops will
be open for Christmas trade 2006.
Work on the other two phases will commence during 2006 with completions between
2007 and 2009.
Commenting on the transaction, Kay Chaldecott, Managing Director of CSC, said:
"I am very pleased that the CSC group has been able to further increase its
interest in Eldon Square - one of the UK"s top 10 shopping centres. Our plans to
remodel and extend the centre will ensure that it continues to maintain its
position as an outstanding shopping destination."
For further information contact:
Aidan Smith, Finance Director, +44 (0) 20 7960 1207
Liberty International
Margaret Harwood, Communications +44 (0) 20 7887 7029
Manager, 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.
Situated in the heart of the City of Newcastle upon Tyne, Eldon Square currently
provides 961,000 sq.ft. of retail space with some 150 shops and stores,
including a John Lewis department store.
Sponsor: Merrill Lynch
Date: 28/10/2005 08:10:03 AM Produced by the JSE SENS Department
