UK retail REIT Liberty International reported first-half pre-tax profit of £ 67 mln (EUR 100 mln), up 16% on the year-earlier period. The company added that the period also saw a slowdown in capital growth. Capital growth in the company’s UK regional shopping centre portfolio slowed from 1.9% in the first quarter to 0.69% in the second. Total returns also fell to 6% from 8%, taking into account the REIT conversion charge.
UK retail REIT Liberty International reported first-half pre-tax profit of £ 67 mln (EUR 100 mln), up 16% on the year-earlier period. The company added that the period also saw a slowdown in capital growth. Capital growth in the company’s UK regional shopping centre portfolio slowed from 1.9% in the first quarter to 0.69% in the second. Total returns also fell to 6% from 8%, taking into account the REIT conversion charge.
Liberty said its net asset value rose to £ 5.2 bn from £4.5 bn in the same period of 2006, and adjusted and diluted net asset value per share rose to 1385p from 1268p.
‘In our opinion, prime regional shopping centres continue to be a very attractive sector of the UK property market on a long-term view and are currently valued on an extremely defensive basis when compared with other sectors, said ceo Sir Robert Finch.
