Liberty, égalité, fraternité

14 February 2008 By George Hay Follow @gfhay

UK shopping centres are like supertankers according to property investor Liberty they’re ploughing through the downturn with only modest damage to NAV. But cheaper debt and robust growth mean its French cousins aren’t tanking at all. Investors might prefer this port of call.

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Liberty International saw the value of its assets fall 5% in the year to December 31, but still outperformed the UK property sector.

The shopping centre investor, which operates Newcastle's Metro Centre and other large UK retail complexes, used annual results on February 13 to report net assets per share of 1,264p. The fall was less than the average 12% fall for UK property recorded by the Investment Property Databank's 2007 figures. Liberty may show a 1.4% decline in rents this year, according to JPMorgan.

French retail property firm Klepierre's annual results on February 11 revealed a rise in net assets per share of 26% in 2007. NAV could rise 7% in 2008, according to Citigroup, driven by expected doubledigit rental growth.

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