Boardroom reshuffle as Lakeside group to split
Liberty International to split into a REIT and a shopping centre business
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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