| Mon 7 Aug 2006, 8:25 | | Liberty International Plc - Covent Garden acquisit |
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LBT
LILII
Liberty International Plc - Covent Garden acquisition by Capital & Counties
Liberty International Plc
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: LBT
Issuer Code: LILII
7 August 2006
COVENT GARDEN ACQUISITION BY CAPITAL & COUNTIES
Attached is an announcement made by Capital & Counties, wholly owned subsidiary
of Liberty International PLC.
Susan Folger
Company Secretary
Tel No 020 7960 1200
COVENT GARDEN ACQUISITION BY CAPITAL & COUNTIES
Capital & Counties has exchanged contracts to acquire a substantial 7 acre
Central London investment in the prime retail location of Covent Garden.
Capital & Counties already owns retail, office and residential property on Long
Acre and Floral Street worth over GBP50 million. This purchase, for cash
consideration of GBP421 million, will add to our ownership over 450,000 sq.ft.
of substantially freehold, retail, restaurant, office, leisure and residential
space. The vendor is The Covent Garden Market Limited Partnership.
The investment, of a size and quality seldom available on the open market in
London"s West End, includes the iconic Covent Garden Market and surrounding
Piazza as well as properties around the Market in King Street, Henrietta Street,
Floral Street, James Street, Long Acre, Tavistock Street, Wellington Street and
Maiden Lane.
Current passing rents are approximately GBP17.2 million increasing, once
lettings of currently vacant space have been concluded, to provide a running
yield on cost of around 4.5 per cent.
John Saggers, Managing Director of Capital & Counties commented as follows:
"We are delighted to have secured this unique Central London investment which
plays directly to the strengths of the Liberty International group with its
predominant focus on quality retail assets of scarcity value requiring active
management and creativity.
Capital & Counties" Central London expertise will be enhanced by the retail
capabilities and extensive knowledge and retailer relationships of fellow
Liberty International subsidiary, Capital Shopping Centres.
As long-term investors, we look forward to working with the Covent Garden Area
Trust and other local stakeholders in finding ways to evolve and upgrade the
quality, offer and value of the Market and Piazza as well as the surrounding
streets for the benefit of all."
Enquiries:
Capital & Counties
John Saggers +44 (0) 20 7887 7041
Gary Marcuccilli +44 (0) 20 7887 7041
NOTES TO EDITORS
Capital & Counties
Capital & Counties is the wholly owned retail and commercial property subsidiary
of Liberty International PLC and controls property investments of over GBP1
billion. This includes significant holdings in Central London, particularly the
West End and Mid Town. The company also owns major retail interests both in
Central London and a number of UK cities as well as offices around the M25. In
the US, Capital & Counties USA, based in San Francisco, has assets in Northern
and Southern California totaling over $500 million.
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 GBP7 billion at 30 June 2006.
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.
COVENT GARDEN ESTATE - FACT SHEET
Summary
Retail: 130,300 sq.ft.
Restaurant/Bars: 98,250 sq.ft.
Leisure: 109.700 sq.ft.
Office: 113,300 sq.ft.
122 tenants
146 leases
Average unexpired term to lease expiry 11.9 years.
- One million visitors per week to the area
- Unique Central London location
- Diversity of uses and occupiers
- Reversionary
- Added value opportunities
Details of property acquired
The properties are in five principal blocks:
- The Market - Located at the centre of the Estate, surrounded by the
cobbled Piazza, the Market totals approximately 71,300 sq ft. There
are four parallel arcades, with accommodation arranged over basement,
ground and first floor levels. The Market includes small shop units,
the Apple Market (market stalls), bars, restaurants and space for open
air events.
- South East Piazza - This is made up of the museum block and Jubilee
Hall and totals approximately 154,500 sq ft of commercial space. The
museum block includes the London Transport Museum and Theatre Museum,
together with restaurants, retail, office and residential
accommodation. Jubilee Hall includes market stalls, restaurants and
leisure accommodation.
- North West Piazza - This block includes: Bedford Chambers, which
comprises offices, retail and restaurant space; 40-43 King Street in
retail and residential use; and properties on Floral Street in retail,
leisure, office and residential use. Tenants include, HMV, LK Bennett,
French Connection, Ted Baker and The Sanctuary. The commercial space
totals approximately 103,000 sq ft.
- South West Piazza - This comprises thirteen properties fronting
Henrietta Street and Maiden Lane, which are in mixed use, principally
retail, restaurants/bars and offices. The commercial space totals
approximately 70,000 sq ft.
- Gateway Properties - Three separate properties, namely Regal House;
nos. 1/3 Long Acre and Burleigh House, Burleigh Street which total
52,800 sq ft. Regal House is a trophy building with a prime retail
frontage to James Street and with offices over. 1/3 Long Acre
comprises a bar and modern offices on the upper floors at the gateway
to Covent Garden. Burleigh House comprises retail and office
accommodation.
- A map showing the Capital & Counties" holdings in Covent Garden
following the transaction is included in the press release available
on Liberty International"s website, www.liberty-international.co.uk
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 South Africa
Date: 07/08/2006 08:25:12 AM Produced by the JSE SENS Department
