Capital Shopping Centres' £525m refinancing of Lakeside Shopping Centre, Thurrock

Friday, 22. January 2010 13:42
22 January 2010

Capital Shopping Centres' £525m refinancing of Lakeside Shopping Centre,

A consortium of 7 banks has advanced a new 7 year, £525m loan facility to
refinance the Lakeside Shopping Centre, Thurrock.  Lakeside is owned and managed
by Capital Shopping Centres, the leading UK prime regional shopping centre
owner, manager and developer owned by Liberty International PLC.  Opened in
1990, Lakeside is one of the UK's leading regional shopping centres providing
1.43m sq. ft. of retail floorspace.

The proceeds of the loan are being used together with the group's cash resources
to redeem in full the current total outstanding loans of £545.8m secured on
Lakeside otherwise repayable in July 2011, including the redemption at par of
the £445.8m of associated CMBS notes.

The existing loan has a current funding cost of about 5.5%. The hedging
arrangements of the new loan require progressively greater levels of interest
rate protection over time. Based on the current yield curve, Capital Shopping
Centres should see some interest savings during the initial years of the new

The funding was arranged by WestImmo and Eurohypo and the lenders are DekaBank,
Eurohypo, Helaba, Lloyds, Pfandbriefbank, Santander and WestImmo. Eurohypo is
facility agent and WestImmo was documentation agent.

The borrower was advised by Linklaters LLP and the lenders by Allen & Overy.

Liberty International's Finance Director, Ian Durant, commented "Liberty
International is pleased to have agreed a significant long term bank financing
and this speaks well of the quality of Lakeside and the strong support that the
group enjoys from its banking relationships. This 7 year loan substantially
improves the group's overall debt maturity profile and refinances one of the
group's largest debt maturities, leaving 2015 as the next significant date for
repayment of CMBS related debt."


Liberty International PLC

Ian Durant Finance Director +44 (0)20 7960 1210

Kate Bowyer Investor Relations +44 (0)20 7960 1250

Public relations:

UK: Michael Sandler, Hudson Sandler +44 (0)20 7796 4133

SA: Nicholas Williams, College Hill Associates +27 (0)11 447 3030

This announcement includes statements that are forward-looking in nature.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
Liberty International PLC to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Any information contained in this announcement on the price at which
shares or other securities in Liberty International PLC have been bought or sold
in the past, or on the yield on such shares or other securities, should not be
relied upon as a guide to future performance.

| |
|  |
|LIBERTY INTERNATIONAL PLC is one of the UK's largest listed property companies|
|and a constituent of the FTSE-100 Index of the UK's leading listed companies. |
| Liberty International converted into a UK Real Estate Investment Trust (REIT)|
|on 1 January 2007. |
|  |
|Liberty International owns 100 per cent of Capital Shopping Centres ("CSC"), |
|the premier UK regional shopping centre business, and of Capital & Counties, a|
|retail and commercial property investment and development company. |
|  |
|At 30 June 2009, Liberty International owned £6.1 billion of properties of |
|which UK regional shopping centres comprised 73 per cent and retail property |
|in aggregate 86 per cent.  Adjusted, diluted shareholders' funds amounted to |
|£2.6 billion.   |
|  |
|CAPITAL SHOPPING CENTRES has interests in 14 UK regional shopping centres |
|amounting to some 13 million sq.ft. in aggregate including 9 of the UK's top |
|30 regional shopping centres with a market value of £4.4 billion at 30 June |
|2009.  CSC's largest centres are Lakeside, Thurrock;  MetroCentre, Gateshead; |
| Braehead, Glasgow;  The Harlequin, Watford; and Arndale, Manchester.  CSC has|
|a 50 per cent share in the extension of St David's, Cardiff, which opened in |
|October 2009. |
|  |
|LAKESIDE, THURROCK, which opened in 1990, was one of the first out-of-town |
|regional shopping centres in the south of England and, together with the |
|adjoining retail parks, is at the centre of Europe's largest aggregation of |
|retail floor space. Lakeside is located on the eastern perimeter of London's |
|M25 orbital motorway and offers approximately 1.4 million sq. ft. of retail |
|and leisure space. It has a catchment area of over 11 million people within |
|70 minutes' drive time. Lakeside is one of the country's top shopping centre |
|destinations, with over 250 shops, including four large anchor stores, a |
|nine-screen multiplex cinema, a range of restaurants and cafés and parking |
|space for 13,000 cars.   |
|  |


Related Links: Intu Properties plc
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