Liberty International, , has been split into a regional shopping centre firm (Capital Shopping Centres) and a central London property company (Capital & Counties, or ‘CapCo'). The latter owns Earls Court and is expected to press ahead with plans to bulldoze and take advantage of a resurgent property market after the site fulfils its Olympic duties in 2012.
"The demerger announced on 9 March is now largely complete and we expect the two companies to start trading separately on 10 May," said Liberty International chairman Patrick Burgess last week.
"We believe that Capital Shopping Centres and Capital & Counties are well positioned as stand-alone businesses to execute their own significant strategic plans and deliver strong shareholder returns over time."
The demerger succesfully completed and CapCo started trading today, valued at £1.24bn. If the Earls Court development passes government approval, the 8,000 residencies it will create are expected to push the value far higher.
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