Capital Shopping Centres (CSC), wholly-owned subsidiary of Liberty International PLC (LBT), has entered into an agreement to acquire a further 15% interest in Eldon Square Shopping Centre at Newcastle upon Tyne in the north-east of England from Shell Pension Trust Limited for £45 million.
 
The acquisition brings CSC's ownership of the shopping centre to 45%. Shell retains a 15% interest and the remaining 40% is owned by The City of Newcastle.
 
CSC, Shell and The City of Newcastle have been partners in Eldon Square, one of the UK's top ten shopping centres, since its development in the early 1970s.
 
Final approvals have now been granted for three major enhancement schemes which will in aggregate provide some 468,000 square feet of new retail space.

The plans provide for a high quality bus station and new mall at the northern end of Eldon Square; a revitalised Old Eldon Square with additional shops and outward facing restaurants and improvements to the public realm; and the Southern Gateway scheme, which includes a 175,000 square feet department store and large format shops to meet retail demand.

Construction on the first phase is anticipated to start in 2005.
 
Liberty International, which holds dual listings in South Africa and the UK, is among the biggest property groups in the UK and is ranked in the FTSE 100.

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Publisher: Business Day
Source: Business Day