Significant transactions in 2007
Liberty International recorded the following significant transactions in 2007:
- Formation of a strategic partnership with GIC Real Estate through the creation of The MetroCentre Partnership realising £426 million (accounted for as the disposal of a part interest in a subsidiary with the creation of a minority interest)
- Acquisition of the retail element of the Royal Opera House block in London’s Covent Garden for £128 million
- Formation of The Great Capital Partnership creating a £460 million joint venture with Great Portland Estates with Liberty International contributing £299 million of assets to the partnership and receiving a balancing payment of £68 million
- Completion of the acquisition of a 50 per cent interest in the Earls Court and Olympia Group for a net consideration of £54 million (accounted for as a subsidiary)
- Acquisition of the Metro Retail Park through The MetroCentre Partnership for £82.5 million (group’s share £49.5 million)
- Acquisition of further properties by The Great Capital Partnership for £140 million (group’s share £70 million)
- Acquisition of further properties in Covent Garden for £32 million
- Acquisition of further properties by The Great Capital Partnership for £20 million (group’s share £10 million)
- Further investment in Covent Garden with the purchase of the Covent Garden Restaurants Group for £22 million and in Manchester with the purchase of properties for £25 million
- Property disposals (excluding the MetroCentre transaction with GIC) realising £340 million at a surplus over 31 December 2006 values of £37 million
First quarter
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Second quarter
Third quarter
Fourth quarter
And over the year as a whole:
| Further details of the major items are shown in “Transactions during the year”. |