LONDON-Liberty International has boosted its shopping center portfolio with the euro 939-million ($1.2-billion) acquisition of Jersey unit trusts. The seller is Prudential Property Investment Managers. The trusts, which are held offshore for tax purposes, own 50% of the Mall at Cribbs Causeway in Bristol and the Arndale Shopping Centre in Manchester.

Liberty International spokespeople say the firm will settle the consideration from its existing cash balances and committed bank facilities. Completion in the case of Manchester Arndale is expected shortly once final approval is confirmed.

Under the terms of the transaction, Prudential will continue as asset manager for these properties on behalf of the joint owners, as well as for the completion of the euro 215-million ($287-million) Manchester Arndale extension, which is currently underway and due to open in phases between October 2005 and the end of 2006. The consideration takes into account Prudential incurring the costs of completion of the Northern Extension.

Prudential and Capital Shopping Centres, a wholly owned subsidiary of Liberty, will "seek to develop future areas of co-operation" and "jointly investigating, where appropriate, future shopping center investment, development and management opportunities."