Liberty Properties will continue to refocus its property portfolio in 2005, following a year in which the company sold a number of buildings that did not meet its required criteria.

Money from the sale of these properties was re-invested in developments like the Liberty Promenade in Mitchells Plain in Cape Town, says Roger Corlett, Liberty Properties MD.

He says Liberty will possibly be reinvesting money from the sale of properties in 2005 in better-performing retail assets.

From a retail perspective, Corlett says 2004 was a fantastic year that ended very buoyantly. Turnover growth in Liberty's retail portfolio ranged between 2% and 70%, but in general terms was probably about 20% to 25%, Corlett says.

He says Liberty Properties is hungry for new retail developments and is considering one or two options.

"We would not look at retail developments below 35000m². Likewise, we'll consider opportunities in terms of the hotel portfolio."

Liberty's portfolio consists of 72% retail, 14% commercial and 14% hotel and leisure developments. The size of the overall portfolio will stay roughly the same at about R12-billion, says Corlett.

Business Day

Publisher: Business Day
Source: Business Day