BA59 Atlas 2022-1 60

RNS Number:8632V
Liberty International PLC
14 May 2002

14th May 2002



Chapelfield, Norwich

£275 million commitment by Capital Shopping Centres to Major 510,000 sq.ft.
Regional Shopping Centre Development



The announcement shown below has been issued today jointly by Capital Shopping
Centres ("CSC"), the wholly owned subsidiary of Liberty International, and Lend
Lease Europe Limited ("Lend Lease").



The arrangements involve CSC contributing £40 million in cash on the
commencement of the development and the balance, subject to the centre being 70%
let, largely on completion with final settlement up to two years after
completion.  The current estimates show CSC contributing approximately £275
million based on estimated aggregate rental and other income of approximately
£18 million.  The amount can be adjusted up or down largely pro-rata to the
final level of income but will not exceed a maximum total payment of
approximately £295 million.   Construction of the scheme is scheduled to
commence in 2002 with completion scheduled for 2005.



In addition, CSC has agreed to acquire on completion the residential element of
the project, comprising 115 residential units, at an estimated cost of £12
million before fit-out costs.



The arrangements are on completion expected, at current interest rates, to have
a positive impact on Liberty International group's overall earnings.



Donald Gordon, Chairman of Liberty International, commented:



"We are pleased to be involved in this large scale and attractive mixed use city
centre regeneration project in Norwich and in a joint venture with Lend Lease.



Chapelfield, Norwich, will on completion add to CSC's portfolio of 10 regional
shopping centres, including 6 of the UK's top 15 centres, and further extend the
group's franchise in key UK retailing locations.  CSC's existing centres
comprise some 8 million square feet of prime retail space and attract over 180
million customer visits each year.  CSC is currently involved at the planning
stage in major city centre projects in Oxford, Cardiff and Liverpool in addition
to Chapelfield, Norwich."




Enquiries:

Liberty International/Capital Shopping Centres
David Fischel, Chief Executive, Liberty International              020 7960 1207
John Abel, Managing Director, Capital Shopping Centres             020 7887 7057

Public Relations:
UK - Michael Sandler, Hudson Sandler                               020 7796 4133
SA - Nicholas Williams, College Hill                               020 7457 2020
      - Robyn Hunt, College Hill SA                               +2711 447 3030





ANNOUNCEMENT:

 Lend LEASE REACHES AGREEMENT WITH CAPITAL SHOPPING CENTRES OVER NORWICH RETAIL
                                  DEVELOPMENT

        Lend Lease and Capital Shopping Centres to Work Jointly Through

                               Development Phase

Lend Lease Europe Limited ('Lend Lease') has agreed to the sale of its 100%
participation in Chapelfield, the retail led development in Norwich, UK, to
Capital Shopping Centres.  Construction of the scheme is scheduled to commence
in July 2002 with practical completion scheduled for 2005.



Under the terms of the agreement, Capital Shopping Centres will work with Lend
Lease through the development phase, providing asset and centre management.

 Lend Lease will design, construct and develop Chapelfield as well as be
responsible for letting. A substantial proportion of the payment to be made by
Capital Shopping Centres will be determined when the centre reaches practical
completion and is 70 per cent let.



The Chapelfield retail development, with a forecast asset value of approximately
£275 million, is believed to be the largest ever single investment in Norwich
and sees the regeneration of a former factory building and surrounding land.
The 510,000 sq. ft. mixed-use project will be anchored by a leading House of
Fraser department store and include a further ten large stores and over 80
shops, restaurants and cafes as well as 115 residential units. It has been
designed to fully integrate with the existing town centre and has had the full
consultation and support of the City Council.



John Abel, Managing Director, Capital Shopping Centres says, "There is a
scarcity in the United Kingdom of high quality retail assets which meet our
requirements. Chapelfield represents an extremely well planned and designed
development, which is located in a strong regional catchment area. This is an
excellent opportunity for Capital Shopping Centres to add to our current
portfolio of prime retail centres in the UK."



Chapelfield in Norwich will add to Capital Shopping Centres' UK portfolio of ten
leading centres, which currently includes Lakeside (Thurrock), MetroCentre,
(Gateshead) and Braehead (Glasgow).



David Hutton, Director of Lend Lease Europe said, "Chapelfield will add to Lend
Lease's track record of creating high quality dominant retail destinations in
the UK. It is our fifth major retail centre development in Europe, and will
further demonstrate our ability to deliver innovative retail centres and to
regenerate city centres.  Retail in the UK remains a core focus of Lend Lease,
and we will continue to work alongside leading property companies and investors
in creating, delivering and managing large retail assets. We are delighted to be
working with Capital Shopping Centres and look forward to the success of
Chapelfield and the opportunity to explore other opportunities together."


Contact:
Cohne & Wolfe:             Stephen Davie                       020 7331 5436
                           Emma Noble                          020 7331 5366

Capital Shopping Centres:  John Abel                           020 7887 7057

Lend Lease:                David Hutton                        020 7395 7327





                      This information is provided by RNS
            The company news service from the London Stock Exchange

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