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Liberty into red after £1.08bn hit
Hugo Duncan, Evening Standard05.11.08
Shopping centres owner Liberty International crashed into the red today after £1.08 billion was wiped off the value of its property.
The firm, owner of Covent Garden in central London and Lakeside in Thurrock, posted losses of £1.06 billion for the first nine months against profits of £442 million last time round.
The value of the estate has tumbled by 12.1% to £7.88 billion so far this year as the crisis in the property market takes its toll.
"Consumer confidence is at all-time lows and there is a degree of nervousness among retailers about quarter four and the Christmas period," said chief executive David Fischel.
Chairman Patrick Burgess added: "The period since the end of September will long be remembered for the extreme turbulence in financial markets, which has had a marked impact on the UK commercial property sector."
