Skip Links

THE 2000'S


  • Over a third of Liberty International’s share capital is repurchased including the remaining 29 per cent belonging to former parent, Standard Bank/Liberty Life, outmanoeuvring a competitor, British Land, to whom this strategic stake had been conditionally sold. This drama is followed by a merger with Capital Shopping Centres to reduce two London listings to one.
  • The year also sees the final exit from residual financial services activities.


  • The Chimes, Uxbridge, opens in March and the group steadily assembles a significant development programme including MetroCentre Red Mall, Oxford and Cardiff.
  • In the US, the group purchases the Serramonte Center in San Francisco.
  • The collapse of the US equity bubble and ‘9/11’ overshadow sentiment.


  • Shareholders’ funds increase to £2.7 billion after a £177 million (5 per cent) revaluation surplus and a £158 million capital raising in difficult market conditions.
  • The extra capital finances a £157 million investment, increasing ownership of the Victoria Centre, Nottingham, to 100 per cent.
  • Contracts are exchanged with Lend Lease to develop Chapelfield, Norwich.


  • A 21 per cent rise in share price to 682p, as a £341 million (10 per cent) revaluation surplus takes aggregate investment properties through the £5 billion mark and net asset value per share to 906p.
  • The development programme reaches £1.3 billion, underpinning the group’s future growth prospects.


  • Lakeside’s modernisation works complete in July to a very favourable response while the MetroCentre Red Mall extension opens in October, restoring its position as Europe’s largest covered shopping centre.
  • Net asset value climbs through the £10 mark to 1017p while the share price rises 42 per cent to 971p. The annual dividend is increased by 6 per cent to 26.5p per share – this represents a growth multiple of some six times in 20 years from the 4.55p per share declared in 1984. Shareholders’ funds reach £3.25 billion.


  • Sir Donald Gordon retires as Chairman in June on his 75th birthday; he is appointed President for Life.
  • Sir Robert Finch is appointed Chairman.
  • John Abel retires as Managing Director of CSC; Kay Chaldecott appointed.
  • Joint venture with Prudential adds material interests in Manchester Arndale and the Mall, Cribbs Causway, Bristol to the shopping centre portfolio.
  • Chapelfield shopping centre, Norwich opens, and major progress made in developing St. David’s 2, Cardiff (joint venture with Land Securities) and Westgate, Oxford. Record property revaluation gain of £565 million.
  • A 19 per cent total return for the year achieved.


  • Greenwich town centre site in Stockwell Street acquired for development.
  • Capital & Counties disposes of its Kingsreach complex on London’s Southbank for £80 million.
  • London’s Covent Garden acquired for £421 million.
  • John Saggers retires as C&C’s Managing Director and Ian Hawksworth appointed.
  • An agreement with Provogue to develop shopping centres in India is signed.
  • It is decided to adopt Real Estate Investment Trust (REIT) status from 1 January 2007.
  • Total investment properties valued at £8.2 billion, increased from 7 billion in 2005. Dividend per share increased to 31p.


  • Real Estate Investment Trust (REIT) status from 1 January 2007.
  • GIC RE, the real estate investment arm of the Government of Singapore, acquired a 40 per cent share in CSC’s interest in the MetroCentre, Gateshead for £426 million. CSC continues to manage the MetroCentre.
  • The Great Capital Partnership, a 50:50 joint venture with Great Portland Estates plc (’’GPE’’), was formed to own, manage and develop a number of Central London properties . GPE is responsible for day-to-day asset management of the partnership properties. Partnership assets valued at £654 million at 31 December 2007.
  • Acquisition of a 50 per cent interest in EC&O Venues (Earls Court & Olympia Group) for £54 million. The group owns and manages the Earls Court and Olympia Exhibition Centres in West London and the Brewery, Chiswell Street, London EC2.
  • Investment in Covent Garden increased to £1.4 billion by 31 December 2007.
  • Total investment properties valued at £8.6 billion, increased from £8.27 billion in 2006. Dividend per share increased to 34.1p.


  • Aidan Smith resigns as Finance Director in March and Ian Durant is appointed in his place.
  • The Great Capital Partnership announces a new £225 million credit facility to provide financial resources for asset repositioning and investment projects in March.
  • Lesley James retired as a Non-Executive Director and Richard Cable resigned as an Executive Director in April.
  • Sir Robert Finch retires as Chairman in July and Patrick Burgess is appointed Chairman.
  • Capital & Counties completes a 50:50 Joint Venture with Land Securities of its holding in Empress State, Earl’s Court in August. The half share was acquired for £107.75 million. Simultaneously, the Partnership refinanced the holding through a joint £159 million facility with Abbey UK Corporate Banking and Eurohypo.
  • John Abel and Robert Buchanan retire as Non-Executive Directors in December.
  • The programme of disposals of non-core assets is continued with £200 million realised in 2008. A further £160 million is anticipated in early 2009.
  • Due to adverse economic conditions a deficit of £2,051 million on revaluation of investment properties is recorded, an overall reduction of 22.5% for the year. Dividend per share restricted to 16.5p.


  • A Firm Placing and Placing and Open Offer of 200 million New Ordinary Shares at 310 pence in April raises gross proceeds of £620 million to assist with reducing net indebtedness, increasing the available cash and undrawn committed financing facilities, improving financial ratios and increasing financial flexibility.
  • Andrew Strang and Andrew Huntley are appointed as Independent Non-Executive Directors in July.
  • St. David’s Limited Partnership agrees a £290 million debt facility against the St. David’s shopping centre, Cardiff in September. The facility is for a five year term.
  • A Placing of 56.1 million New Ordinary Shares at 500 pence in September raises gross proceeds of £280.5 million to enable investment in prime UK regional shopping centres and London assets following 12 months of turmoil in the property and financial markets.
  • Ownership of Earls Court & Olympia is increased to 100% after acquiring the partners’ interest in December.
  • A deficit of £732 million on investment property revaluation was recorded for 2009, an overall reduction of 10.6% and a marked improvement on 2008. Dividend per share remains at 16.5p.