Commercial Property News

Liberty flagship store sold and leased back for £41 million

The sale of Liberty's flagship store for £41.5 million has been confirmed.

The Tudor-style commercial property was sold to an undisclosed investor. The upmarket London department store is located on Great Marlborough Street, off Regent Street.

Liberty will lease the 125,000 sq ft site back for an annual rate of £2.1 million under the terms of a 30-year lease.

The deal is expected to pave the way for a £40 million takeover of the Liberty retail business, which has a majority share that is currently held by property firm MWB.

Furthermore, the commercial property sale represented a significant surplus on a December valuation that priced the commercial property at £30.25 million.

Liberty is expected to use the money from the sale to repay bank debts and loans to MWB.

The company had previously revealed in a statement to the stock exchange that talks over a takeover were ongoing. Liberty indicated that it was premature to say it would be the subject of a firm bid.ADNFCR-2842-ID-19677387-ADNFCR

Thu, 18th Mar 2010

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