Liberty International, the London-based property group which is also listed in South Africa, reassured a jittery UK property market of its position yesterday by releasing the latest valuations of its listed property portfolio, most of which have been valued upwards.

The valuation of Liberty International's regional shopping centres in the UK which are held in subsidiary Capital Shopping Centres increased to P3.64 billion from P3.22 billion - including a valuation surplus of P177 million (5.2 percent) and after net capital investment, including acquisitions of P246 million.

Other UK properties owned by the Capital & Counties subsidiary, of which 40 percent are retail properties, increased to
P693.2 million from P692 million, after a valuation deficit of P15.4 million (2.2 percent) and including net capital investment of P16.6 million.

The value of the central London assets fell 4.1 percent and the M25 and South East offices fell by 4.5 percent.

Assets in other UK cities, primarily retail, increased in value by 5.3 percent.

The overall valuation surplus for the year to December came to P177.5 million, equivalent on a diluted basis to 54p a Liberty International share, based on 326 million diluted shares in issue.

In the six months to June Liberty's net asset value stood at P8.27. The share price gained R1.50 on the JSE Securities Exchange to close at R77.51.

The valuations of completed properties in the US, which now include the regional shopping centre Serramonte in Daly City, near San Francisco, increased to P187.5 million from P125.9 million, reflecting a valuation surplus of P15.9 million (9.3 percent) after net capital investment and foreign exchange adjustments of P45.7 million.

Liberty International's results for the year to December are expected to be released on February 12.

Donald Gordon, the chairman of Liberty International, said the valuation results demonstrated the resilience of prime regional shopping centres, particularly in a year when equities had performed poorly, many sectors of the economy had struggled and, in the property industry, office markets in the UK had come under considerable pressure.