However, Liberty looks set to continue displaying its extraordinary capabilities by growing further this year, proving that it took more than common sense to transform an idea born in SA into the third-largest property investment group in the UK.

The recorded ambition of Liberty chairman Donald Gordon, to grow the group into the largest property investor in the UK, strengthens the prospects for further growth.

In the results for the year ended December, the group displays a good appetite for further growth, even though it looks like it has more than enough recently concluded acquisitions to deal with.

Gordon maps out a bullish way forward. 'Business never loses its fascination,' he says .

'Gloomy stock market conditions have over history proved to be the time when some of the most rewarding investment opportunities have emerged.'

He says the group's challenge is to identify and act on such opportunities. 'There are plenty of opportunities but I cannot say to you what they are.'

Liberty made the FTSE 100 index in December last year, one of Gordon's most important achievements.

Having made the FTSE 100, the market raised the question, what next for Liberty?

The group's latest move, to buy a further 11,2-million shares in Great Portland Estates for £24,5m, has raised eyebrows.

This purchase raised Liberty's total interest in Great Portland Estates from 13% to 19,4%.

Great Portland Estates is a property investment group focused on the western London office and retail market.

The question is, what is Liberty's long-term strategic intention with its Great Portland Estates interest?

Gordon says investment in Great Portland Estates and in other property vehicles ensures that Liberty remains in touch with developments in the listed property share markets around the world, representing a worthwhile and advantageous extension of the group's activities.

Another area which holds possibilities for corporate activity is Liberty's US interests.

Through its subsidiary, Capital & Counties Liberty, the group made a $119m investment in a San Francisco development, the Serramonte shopping centre, a year ago.

About 12 months later Serramonte's valuation had increased 20% to $142,5m.

Gordon says that, going forward, Liberty will be building on the achievements of last year, 'which must rank as one of the most active years in the company's history'.

During the course of last year the group embarked on a debt- restructuring programme.

Key to this programme is a £211m loan facility secured from finance house HVB Real Estate Capital.

A significant portion of the HVB Real Estate Capital money has been used to buy back some debt, which resulted in reduced interest margins and further acquisitions.

Further enhancing its financial position, the group successfully concluded a placing of 28,4- million of its new ordinary shares at 560p a share. Representing 9,9% of the group's total issued ordinary shares, the placing raised £157,5m after expenses.

With net debt of £1,9bn, the group ended the year with a debtto-assets ratio of 40%.

Gordon says that with a committed, low-risk development programme of about £425m, 'we look forward to a continuation of our dynamic track record of growing our remarkable business'.

The group has built a property portfolio valued at £4,5bn. About 90% of this portfolio consists of retail property and 82% is specifically regional shopping centres.

Gordon says despite the turbulent conditions in the world's markets, the group's chosen sectors have continued to produce a sound and stable outcome.

Business Day