Liberty International plc said its Capital Shopping Centres plc unit has agreed to buy a further 15% of Eldon Square Shopping Centre in Newcastle upon Tyne from Shell Pension Trust Ltd for £45m.
Capital Shopping Centres ('CSC') now owns 45 pct of the shopping centre. Shell retains a 15 pct interest and the remaining 40 pct is owned by The City of Newcastle.
Final approvals have now been granted for three major enhancement schemes which will in aggregate provide some 468,000 sq ft of new retail space. Construction on the first phase is anticipated to start in 2005.