6th Oct 2005 07:00
LIBERTY INTERNATIONAL PLC6 October 2005CSC TAKES OWNERSHIP OF CHAPELFIELD, NORWICHAttached is an announcement issued by Capital Shopping Centres, wholly ownedsubsidiary of Liberty International PLC.Susan FolgerCompany SecretaryCSC TAKES OWNERSHIP OF CHAPELFIELD, NORWICHCapital Shopping Centres PLC ("CSC") has formally taken ownership ofChapelfield shopping centre, Norwich, following the opening of the centre on 21September 2005.The total cost of the development for CSC amounts to ‚£263 million of which ‚£223million has now been paid. The balance of ‚£40 million was paid at the inceptionof the project in December 2002. The passing rental income from the centre oncefully let is expected to be around ‚£17.5 million.The 530,000 sq.ft. shopping centre is the largest retail project to open in theUK this year and will reinforce Norwich as a top ten UK retail destination,cementing its dominant position as the principal retail and leisure destinationin the expanding East Anglian market. Anchored by a new 140,000 sq.ft. House ofFraser department store, Chapelfield has some 97 shops, cafes and restaurantsand the space is almost 100% committed, attracting some 40 new retailers to thecity.The above consideration excludes the residential element of the projectcomprising 118 units which flank the centre and will be available foroccupation from 2006.Commenting on the purchase, Kay Chaldecott, Managing Director of CSC said:"Chapelfield, Norwich, is a fine example of urban regeneration, being built onthe site of a former chocolate factory, and a tremendous addition to our rangeof prime UK regional shopping centres. The centre has an attractive tenant mixand customer flow since opening has been very encouraging."ENQUIRIES:Kay Chaldecott, Managing Director, CSC +44 (0) 20 7960 7103 Margaret Harwood, Communications Manager, CSC +44 (0) 20 7887 7029 FURTHER INFORMATION:Capital Shopping Centres ("CSC"), a wholly owned subsidiary of LibertyInternational PLC, is the leading company in the UK specialising in theownership, management and development of regional shopping centres. CSC owns 12completed regional shopping centres in the UK of which 9 are in the UK's toptwenty-five. These centres include 4 of the UK's regional out-of-town centres:Lakeside Thurrock; MetroCentre Gateshead; Braehead, Renfrew, Glasgow; and TheMall at Cribbs Causeway, Bristol (66% owned jointly with Prudential); and 8major in-town centres including Manchester Arndale (95% owned jointly withPrudential) and Chapelfield, Norwich, which opened in September 2005. Thecompany is engaged on a substantial development programme involving both newcity centre schemes in Cardiff and Oxford, and extensions to existing shoppingcentres. Overall, CSC owns over 10 million sq.ft. of retail space attractingover 210 million customer visits a year.Chapelfield, Norwich, was developed by Lend Lease Europe on behalf of CSC andis now an integral part of the Norwich city centre. It provides 530,000 sq.ft.of retail space, with a 140,000 sq.ft. House of Fraser department store, over80 shops and 17 cafes and restaurants and will provide 118 new apartments. Some40 of its retailers are new to Norwich. It is integrated with the local publictransport and has a 1,000 space on-site car park. Around 2,000 new retail jobshave been created.ENDLiberty International plcRelated Shares:
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