London-based property holding group Liberty International said yesterday it had increased its interest in Great Portland Estates to 19,4% from about 13% in a transaction worth nearly £24,5m.

Liberty had purchased a further 11,2-million shares in Great Portland Estates, a property investment group focused on the western London market in the UK.

Observers said yesterday the transaction raised eyebrows as it might be a pointer to Liberty's next strategic move after making it into the FTSE 100 index last week.

The group's chairman, Donald Gordon, had already said his next vision was to develop Liberty into the largest property holding group in the UK.

Great Portland Estates operates a property portfolio that mixes retail and office property. Liberty has so far built a portfolio of shopping centres valued at more than £4bn. Its share price closed 2,2% or 179c stronger at R82 on the JSE Securities Exchange SA yesterday.

The group's chairman Donald Gordon has said his next vision was to develop Liberty into a largest property holding group in the UK.

Business Day

Publisher: Business Day
Source: Inet Bridge