Property boost for Liberty

LIBERTY International, the UK's biggest shopping centre owner, saw profits climb 15% to £67.2m in the six months to 30 June. It said lettings were advanced at the Red Mall extension in Gateshead and the Chapelfield Centre in Norwich, due to open next year.

The company also said the 'weight of investor demand' had boosted the value of its property portfolio. The estimated worth of its UK regional shopping centres was raised £108m to £3.9bn. Its total portfolio is now worth £5.2bn.

The company also said net asset value was 961p per share, up 6.1% from the end of 2003. The shares were down 5 1/2p to 795p by 1pm.

Five-year rent reviews were due in the last quarter of 2004 at Braehead, Glasgow, in 2005 at Lakeside, Thurrock, and in 2006 at MetroCentre, Gateshead -- its three biggest regional shopping centres.

'In each case we expect major recent initiatives to produce very positive rental growth,' Liberty said in a statement.

Liberty also proposed an interim dividend of 12.4p per share, up 5.5%.