Capital & Counties, the wholly owned retail and commercial property subsidiary of UK- and SA-listed Liberty International (LBT) has purchased Riverside Retail Park in Canterbury, Kent, for sterling 10.65 million, the company has announced.
 
Developed in 1997, the 38,500 square foot Riverside Retail Park provides modern retail warehouses and is let to three retailers: Staples, Pet City and Land of Leather. Together with the adjacent Morrisons supermarket, Halfords, Boots and Mothercare, it forms a significant retail destination, prominently situated on the southwest main approach road to the city and close to a major park and ride car park.
 
Commenting on the purchase, Gary Marcuccilli, a director of Capital & Counties, said: "We have for a number of years successfully invested in the retail warehouse market and this purchase is in line with our strategy to focus predominantly on retail-led opportunities outside central London."
 
Canterbury is the dominant regional shopping destination for east Kent and both population growth and retail spend are forecast to grow above the national average, he noted. Capital & Counties were represented in the purchase by Capital Retail.
 
Capital & Counties controls property assets of over sterling 1.0 billion. This includes significant holdings in central London, particularly the West End, Mid-Town and the South Bank. The company also owns major retail interests both in central London and a number of UK cities.
 
As well as its UK interests, Capital & Counties has a US property company based in San Francisco with assets in Northern and Southern California.
 
Liberty International, which also owns Capital Shopping Centres, the premier UK regional shopping centre business, has property assets amounting to over sterling 6.5 billion.
 
Liberty International's shares were up 0.9% or 1.00 rand yesterday, closing on the JSE at 108.00 rand from 107.00 rand at Friday's close.
 
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Source: I-Net Bridge