Liberty International
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| Type | Public |
|---|---|
| Industry | property |
| Fate | Renamed as Capital Shopping Centres Group plc after demerger |
| Successor(s) | Capital Shopping Centres Group, Capital & Counties Properties |
| Founded | 1980 |
| Headquarters | London, England, UK |
| Key people | Patrick Burgess, (Chairman) David Fischel (CEO) |
| Products | shopping centres, commercial & residential property |
| Revenue | £578.9 million (2009) [1] |
| Operating income | £(460.9) million (2009)[1] |
| Net income | £(370.1) million (2009)[1] |
Liberty International plc was a British property investment company. It switched to Real Estate Investment Trust status when REITs were introduced in the United Kingdom in January 2007. A former constituent of the FTSE 100 Index, it changed its name to Capital Shopping Centres Group plc after the May 2010 demerger of its Capital & Counties Properties unit.
[edit] History
The Company was established by Sir Donald Gordon in 1980 under the name of Transatlantic Insurance Holdings plc as an offshoot Liberty Life Association of Africa, a business he had founded in 1957.[2] The Company developed into a leading investor in life assurance businesses in the 1980s only divested its remaining life assurance interests (a 29% holding in Sun Life) in 1991.[3] In 1992 it merged with Capital & Counties, a leading shopping centre developer, so securing itself a listing on the London Stock Exchange.[3] It changed its name to Liberty International in 1996.[3]
[edit] Operations
The company operated through its two principal subsidiaries, both of which are now independent companies listed on the London Stock Exchange: Capital Shopping Centres and Capital & Counties:[4]
The Capital Shopping Centres subsidiary (now Capital Shopping Centres Group plc) owns Braehead in Glasgow, Eldon Square in Newcastle upon Tyne, The Harlequin in Watford, the MetroCentre in Gateshead and a number of other UK shopping centres.
The Capital & Counties subsidiary (now Capital & Counties Properties plc) owns much of Covent Garden in London: it invests in both residential and commercial real estate in the UK.
An investment subsidiary based in California, Capital and Counties USA, operated as part of Liberty's Capital & Counties unit, but ownership of this was passed to Capital Shopping Centres Group after the demerger.
As at 31 December 2009 the Company's property portfolio was valued at £6.2bn.[1]
[edit] References
- ^ a b c d Preliminary Results 2009
- ^ Sir Donald Gordon - CV
- ^ a b c Liberty International: History
- ^ Liberty International: Businesses
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