Liberty International: UK Retail Market Stabilized, CSC Occupancy 98%
May 05 2010 - 1:49AM
Dow Jones News
Liberty International PLC (LII.LN), which owns and manages
commercial properties in the U.K. and U.S., said Wednesday the U.K.
retail market has stabilized and Capital Shopping Centers', or CSC,
occupancy has been maintained at 98%.
MAIN FACTS:
-Has seen much lower level of retailer failures than the first
quarter of 2009.
-Prospects for the performance of CSC's existing assets are
encouraging.
-Capital & Counties, or Capco, central London has continued
to perform strongly with Covent Garden recording continuing
increases in footfall.
-Demerger announced March 9 is now largely complete and two
companies expected to start to trade separately on May 10.
-Occupancy of Capital Shopping Centers' established centers
maintained at 98% at Mar 31 (Dec. 31, 2009: 98%) with 43 new
lettings in the first quarter.
-Net external debt GBP3.3 billion at March 31 (CSC GBP2.8
billion, Capco GBP0.5 billion) (Dec. 31: GBP3.2 billion) with pro
forma debt to assets based on Dec. 31, 2009 property valuations for
CSC of 56% and Capco of 38%.
-GBP525 million, seven year refinancing of debt secured on
Lakeside, Thurrock concluded in January
-Group is in compliance with all financial debt covenants.
-Group continues to actively explore tax efficient options to
exit over time its direct investment in the U.S.
-Shares closed Tuesday at 472 pence valuing the company at
GBP2.94 billion.
-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296;
ian.walker@dowjones.com
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