UK-listed shopping centre group Liberty International raised gross proceeds of £280.5 mln (EUR 311 mln) from the placing of 56 million shares at 500 pence each on Wednesday. The proceeds will enable Liberty to resume investment in its UK regional shopping centres and Central London assets. Except for pre-existing commitments, Liberty's investment plans were placed on hold about twelve months ago as a result of the 'exceptional turmoil in financial and property markets at that time', the company said.
UK-listed shopping centre group Liberty International raised gross proceeds of £280.5 mln (EUR 311 mln) from the placing of 56 million shares at 500 pence each on Wednesday. The proceeds will enable Liberty to resume investment in its UK regional shopping centres and Central London assets. Except for pre-existing commitments, Liberty's investment plans were placed on hold about twelve months ago as a result of the 'exceptional turmoil in financial and property markets at that time', the company said.
'The Placing addresses the Group’s investment requirements beyond the net £592 million capital raised in April 2009, the purpose of which was to provide funds for already committed capital expenditure, debt repayment and covenant cures on non-recourse debt facilities for the period to December 2010. These further investments can, in most cases, be undertaken by the group at its discretion and are not contingent on third-party decisions,' Liberty said.
