UK real estate investment trust Liberty International chairman Patrick Burgess says the property giant remains cautious about the economic outlook generally.

Writing in the group's annual report, Burgess says however that the group is confident on the strengths and skills of its core operations, opportunities for which are already apparent.

Since the end of February 2009, he adds, the group has made significant progress on a number of fronts.

"We have improved CSC's (Capital Shopping Centres, one of the group's subsidiaries) overall occupancy rate, despite further retailer failures in the first quarter of 2009, at some cost in terms of rental levels achieved on re-lettings but many, deliberately, on a short-term basis.

"We have achieved further disposals of non-core assets in excess of £200 million, of which net £150 million has been realised in cash in the year to date; we have increased cash and committed facilities to £313 million at March 31 2009 (December 31 2008 - £291 million).

"Expenditure in the period has reduced capital commitments on property developments from £238 million to £195 million and we have launched a firm placing and placing and open offer to raise equity capital, as set out in the separate announcements issued on 27 and 28 April 2009," Burgess says.

Source: I-Net Bridge