Yesterday the group released new independent valuation figures of its property assets, which showed a valuation surplus of £177,5m equivalent on a diluted basis to 54p a Liberty share. The value of Liberty's total investment properties came to more than £4,5bn at the end of last month.

Liberty chairman Donald Gordon said these valuation results were a clear demonstration of the strength and resilience of prime regional shopping centres.

He said that these results had been achieved in a year when equities had performed poorly, many sectors of the economy had struggled and office markets had come under considerable pressure.

About 90% of Liberty's assets are made up of retail developments, and 82% of its assets are regional shopping centres. The valuation of the regional shopping centres in the UK rose £423m to £3,640m.

Gordon said the £177m valuation surplus in Capital Shopping Centres could be attributable to higher rental values, improvements in the true equivalent yield bases and net capital investment.