Cape Town - Liberty International's UK shopping centres and retail
businesses should continue to demonstrate resilient returns on a P425
million five-year development programme, chief executive David Fischel said
yesterday.
This was in spite of the turbulent conditions prevailing in the world's
financial markets, .
He was interviewed during a roadshow to South African fund managers and
investors.
Donny Gordon, the chairman, owns about 20 percent of the London- and JSE
Securities Exchange-listed property group.
Some of the largest institutional shareholders include Old Mutual and the
Public Investment Commission.
The development programme would be fully funded by existing cash and
committed long-term bank facilities. Attention had been paid to the risk
profile of the current developments, with a substantial proportion of the
investment amount involving extensions to centres with proven track records.
Six of the group's nine completed UK regional shopping centres rank among
the top 15 shopping centres in the UK.
The P275 million arrangement for the largest committed project involved the
construction of a new centre at Chapelfield Norwich. But Lend Lease Europe
would be the developer on Liberty's behalf, insulating it from construction
and initial letting risk.
Demolition and site preparation work was under way, with completion
scheduled for 2005.
Lend Lease had let 45 percent of the space already and a further 18 percent
was under offer or terms had been agreed.
Proposals to expand, upgrade and improve the Westgate Centre in Oxford
remained at the planning stage and would probably take a few years to come
off the ground.
At Lakeside, Thurrock, the refurbishment of the malls was expected to be
completed by July next year.
The redevelopment of the MetroCentre, Gateshead, to provide a new Debenhams
store, 28 additional shops and a 1 100-space car park was set for completion
in 2004.
In the year to December Liberty International lifted pretax profit to P103.8
million.
The dividend was lifted 4.4 percent to 23.75p in London.
Publisher: Business Report
Source: Edward West
Liberty's UK assets set to keep giving good returns.
Posted On Friday, 14 March 2003 10:01 Published by eProperty News
Liberty International's UK shopping centres and retail businesses should continue to demonstrate resilient returns on a P425 million five-year development programme, chief executive David Fischel said.
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