Liberty takes shares in Pru malls

LAKESIDE owner Liberty International has splashed out £653m for a half share in two of Prudential's regional shopping centres in Bristol and Manchester.

The deal should pave the way for further shopping-centre developments between the two after they also signed a general co-operation agreement.

The Mall at Cribbs Causeway in Bristol has 1.5m sq ft of shopping space with 135 shops. A 212,000 sq ft retail park next door is included in the deal. Combined annual net income is £24.5m.

Manchester's Arndale Centre has 850,000 sq ft of retail space, which is being extended to 1.4m sq ft over the next year. The deal includes a share in 200,000 sq ft of shopping at nearby New Cathedral Street. The combined Manchester annual net income is £23.3m.