Liberty International has paid £53m to increase its interest in Newcastle’s Eldon Square shopping centre from 45% to 60%.
Liberty acquired the 15% stake by buying out the units in the Eldon Square Unit Trust.
Liberty subsidiary Capital Shopping Centres, which is planning a £170m remodelling and extension of the site, has at the same time extended its lease on the centre from 70 to 250 years.
The extension will provide a department store, bus station and several large retail units. The large units and two restaurants will be ready for use in late 2006, while the renovations on the rest of the centre will be completed in 2009.
Liberty’s other subsidiary, Capital & Counties, has disposed of its Swansea Market Shops to UBS Global Asset Management, acting on behalf of UBS Triton Property Fund, for £42.6m. The deal reflects an initial yield of 5.29%. The 110,000 sq ft (10,200 sq m) space is divided across 2-20 Whitehalls, 801-811 Oxford Street and 32-38 Union Street.