Herbert Smith and Linklaters take lead on Liberty demerger
Herbert Smith and Linklaters have advised on the proposed demerger of the UK's largest shopping mall owner, Liberty International. The real estate investment trust (REIT) will be spun into two separate listed companies: one focusing on central London commercial property and the other on UK shopping centres.
March 30, 2010 at 02:40 AM
2 minute read
City duo advise as REIT splits into two separate listed companies
Herbert Smith and Linklaters have advised on the proposed demerger of the UK's largest shopping mall owner, Liberty International.
The real estate investment trust (REIT) will be spun into two separate listed companies: one focusing on central London commercial property and the other on UK shopping centres.
Following the demerger, Liberty will stay as a REIT and will hold onto its £4.4bn shopping centre portfolio, which will be re-named Capital Shopping Centres. The London-focused business will be called Capital & Counties and will control Liberty International's £1.7bn-worth of London properties, which include Covent Garden (pictured) and Earls Court.
Liberty turned to regular adviser Linklaters, with corporate partner William Buckley leading the magic circle team along with banking partner Jeremy Stokeld and real estate partner Anne Byrne.
Herbert Smith is acting for Rothschild as financial adviser and sponsor of the demerger with a team headed up by corporate partner Charles Howarth. US capital markets partner Alex Bafi provided securities advice.
Howarth commented: "[This] makes sense for Liberty's specific circumstances. Liberty contains two distinct businesses: the UK regional shopping centres and the London-focused property investment and development business. Management believed that allowing them to develop separately would be beneficial to both businesses and shareholders."
Last year, Liberty carried out two separate placings of £620m and £280m respectively to reduce net debt.
Herbert Smith scored roles on both, with Howarth leading on the first placing in May while corporate partner Chris Haynes led on the second in October. Linklaters took the lead for Liberty on both deals.
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