Boardroom reshuffle as Lakeside group to split

The owners of Lakeside retail park and The Arndale in Manchester are splitting the company into two: with major implications for its board members.

Liberty International will split into a property investment real estate investment trust (REIT) known as Capital Shopping Centres Group, the shopping centre business, while Capital & Counties will be a Londonestate and development business.

Current Liberty FD Ian Durant will become chairman of Capital & Counties. He will step down from his role as FD of Capital Shopping Centres after a transitionary period. Soumen Das will serve as FD of Capital & Counties.

Both companies will list on the stock exchange.

A REIT is a tax efficient structure for property investment companies.

Its share price fell this morning by nearly 3%, to 492p.

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