Private investor buys freehold to iconic London store - acquisitions

Monday, March 15, 2010

German private investor completes acquisition of freehold to iconic London store

By Ashley Brunskill

A German private investor has completed the acquisition of the freehold to iconic London department store Liberty.

Under the agreement, the 135-year-old store will stay at the Great Marlborough Street home under a 30-year lease renewal for an annual rent of £2.1 million.

The sale of the freehold to Sirosa Liberty fetched the company £41.5 million which equates to an investment deal of £10 million over the valuation of the property from December last year.

However, Property Week said that the price reflected "the increased demand for prime freehold property assets in Central London".
A statement from Liberty's parent group MWB said that the proceeds from the sale will be used to pay down the store's bank debts as well as pay other creditors.

MWB, which owns a 68 per cent stake in Liberty, is set to seek approval from its shareholders next month before formally completing the deal with Sirosa Liberty.

Source: ask-re The Property People LLP