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LONDON-Liberty International has paid £70 million ($100 million) for the Kings Reach complex in Stamford Street, London SE1. The complex consists of 275,000 sf of offices and retail space as well as a block of flats. The 30-storey Kings Reach Tower is let to IPC Magazines on a lease expiring in 2007. The passing rent on the offices averages £16 per sf and there is a rent review due in June 2002.

Liberty’s UK commercial subsidiary Capital & Counties will manage the asset, and it believes Kings Reach offers the prospect of a substantial reversion in 2002 and thereafter presents a significant opportunity for refurbishment and redevelopment in an area with strong potential for further growth.

The purchase is in line with Liberty International’s policy–established since its corporate restructuring earlier this year–of concentrating on major regional shopping centres through Capital Shopping centres and Central London assets through Capital & Counties.

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