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EC&O owner Liberty to demerge
Liberty International, holding company of Earls Court and Olympia owner Capital and Counties, is to split its business in two. The two entities Capital Shopping Centres and Capital and Counties will start to trade independently on the London Stock Exchange.
Liberty announced the demerger today during its report on results for the year ended 31 December 2009. Liberty reported a pretax loss of £329.1m and a fall in the value of its portfolio from £7.1bn to £6.2bn.
Capital & Counties will target opportunities in London’s real estate market. At the end of 2009 this portfolio was valued at £1.bn, with a net rental income of £74m. Net debt of £463m was revealed.
Ian Durant, the current finance director of Liberty International, and Ian Hawksworth, the current MD of Capital and Counties, are to be chairman and chief executive, respectively, of the new demerged C and C. Durant will stand down as finance director of Capital Shopping Centres Group.
The dermerger is still subject to formal approval from the South African authorities.
Capital and Counties Properties will have a secondary listing on the Johannesburg Stock Exchange so that South African institutional shareholders are given a period of time to realign their portfolio if their foreign portfolio allowance is exceeded as a result of the demerger.
Chairman of Liberty International, Patrick Burgess, said the demerger was a responce to a changing approach to investment in real estate,” both in the equity markets and in the property market, requiring greater focus and more active management”.
9 Mar 10
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