Liberty International Plc: disposal of 25.5% shareholding in Great Portland Estates Plc (UK)

Liberty International announces that it has agreed to dispose of its 25.5 per cent shareholding in GPE (41.5 million ordinary shares) to Real Estate Funds (and their affiliates) controlled by Morgan Stanley at a price of 297.5 pence per share for a total consideration of £123.4 million.

The aggregate proceeds of £149.3 million (including the return of capital from GPE earlier this year) exceed original cost by £29 million, of which around £27 million will be reflected as an exceptional profit in Liberty International’s 2004 profit and loss account.

The disposal continues Liberty International’s record of profitably engaging in property-related investment activities alongside the group’s core direct property business which is predominantly focussed on retail property, particularly prime regional shopping centres.

Source: Liberty International

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