7th Aug 2006 07:00
7 August 2006COVENT GARDEN ACQUISITION BY CAPITAL & COUNTIESAttached is an announcement made by Capital & Counties, wholly owned subsidiaryof Liberty International PLC.Susan FolgerCompany SecretaryTel No 020 7960 1200COVENT GARDEN ACQUISITION BY CAPITAL & COUNTIESCapital & Counties has exchanged contracts to acquire a substantial 7 acreCentral London investment in the prime retail location of Covent Garden.Capital & Counties already owns retail, office and residential property on LongAcre and Floral Street worth over ‚£50 million. This purchase, for cashconsideration of ‚£421 million, will add to our ownership over 450,000 sq.ft. ofsubstantially freehold, retail, restaurant, office, leisure and residentialspace. The vendor is The Covent Garden Market Limited Partnership.The investment, of a size and quality seldom available on the open market inLondon's West End, includes the iconic Covent Garden Market and surroundingPiazza as well as properties around the Market in King Street, HenriettaStreet, Floral Street, James Street, Long Acre, Tavistock Street, WellingtonStreet and Maiden Lane.Current passing rents are approximately ‚£17.2 million increasing, once lettingsof currently vacant space have been concluded, to provide a running yield oncost of around 4.5 per cent.John Saggers, Managing Director of Capital & Counties commented as follows:"We are delighted to have secured this unique Central London investment whichplays directly to the strengths of the Liberty International group with itspredominant focus on quality retail assets of scarcity value requiring activemanagement and creativity.Capital & Counties' Central London expertise will be enhanced by the retailcapabilities and extensive knowledge and retailer relationships of fellowLiberty International subsidiary, Capital Shopping Centres.As long-term investors, we look forward to working with the Covent Garden AreaTrust and other local stakeholders in finding ways to evolve and upgrade thequality, offer and value of the Market and Piazza as well as the surroundingstreets for the benefit of all."Enquiries:Capital & CountiesJohn Saggers +44 (0) 20 7887 7041Gary Marcuccilli +44 (0) 20 7887 7041NOTES TO EDITORSCapital & CountiesCapital & Counties is the wholly owned retail and commercial propertysubsidiary of Liberty International PLC and controls property investments ofover ‚£1 billion. This includes significant holdings in Central London,particularly the West End and Mid Town. The company also owns major retailinterests both in Central London and a number of UK cities as well as officesaround the M25. In the US, Capital & Counties USA, based in San Francisco, hasassets in Northern and Southern California totaling over $500 million.Liberty International PLCLiberty International PLC is a major UK listed property group owning 100 percent of Capital & Counties together with Capital Shopping Centres PLC, theleading UK regional shopping centre business. The Group's property assetsamounted to over ‚£7 billion at 30 June 2006.Liberty International has been listed on the London Stock Exchange since July1992, where it is a constituent of the FTSE-100 index of the UK's leadingcompanies, and is also listed on the Johannesburg Stock Exchange.COVENT GARDEN ESTATE - FACT SHEETSummaryRetail: 130,300 sq.ft.Restaurant/Bars: 98,250 sq.ft.Leisure: 109.700 sq.ft.Office: 113,300 sq.ft.122 tenants146 leasesAverage unexpired term to lease expiry 11.9 years. * One million visitors per week to the area * Unique Central London location * Diversity of uses and occupiers * Reversionary * Added value opportunities Details of property acquiredThe properties are in five principal blocks: * The Market - Located at the centre of the Estate, surrounded by the cobbled Piazza, the Market totals approximately 71,300 sq ft. There are four parallel arcades, with accommodation arranged over basement, ground and first floor levels. The Market includes small shop units, the Apple Market (market stalls), bars, restaurants and space for open air events. * South East Piazza - This is made up of the museum block and Jubilee Hall and totals approximately 154,500 sq ft of commercial space. The museum block includes the London Transport Museum and Theatre Museum, together with restaurants, retail, office and residential accommodation. Jubilee Hall includes market stalls, restaurants and leisure accommodation. * North West Piazza - This block includes: Bedford Chambers, which comprises offices, retail and restaurant space; 40-43 King Street in retail and residential use; and properties on Floral Street in retail, leisure, office and residential use. Tenants include, HMV, LK Bennett, French Connection, Ted Baker and The Sanctuary. The commercial space totals approximately 103,000 sq ft. * South West Piazza - This comprises thirteen properties fronting Henrietta Street and Maiden Lane, which are in mixed use, principally retail, restaurants/bars and offices. The commercial space totals approximately 70,000 sq ft. * Gateway Properties - Three separate properties, namely Regal House; nos. 1/3 Long Acre and Burleigh House, Burleigh Street which total 52,800 sq ft. Regal House is a trophy building with a prime retail frontage to James Street and with offices over. 1/3 Long Acre comprises a bar and modern offices on the upper floors at the gateway to Covent Garden. Burleigh House comprises retail and office accommodation. * A map showing the Capital & Counties' holdings in Covent Garden following the transaction is included in the press release available on Liberty International's website, www.liberty-international.co.uk This announcement includes statements that are forward-looking in nature.Forward-looking statements involve known and unknown risks, uncertainties andother factors which may cause the actual results, performance or achievementsof Liberty International PLC to be materially different from any futureresults, performance or achievements expressed or implied by suchforward-looking statements. Any information contained in this announcement onthe price at which shares or other securities in Liberty International PLC havebeen bought or sold in the past, or on the yield on such shares or othersecurities, should not be relied upon as a guide to future performanceENDLiberty International plcRelated Shares:
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