Property deal frees Liberty from debt

Liberty owner Retail Stores has raised£66.5 million with the sale of two of its property assets, allowing it to pay off its entire£61.9 million corporate debt. The deal will not affect trading from its Regent Street flagship.

Two adjoining properties - Lasenby House, Kingly Street and the Liberty Island site on Regent Street - have been sold to a joint venture between Great Portland Estates and Liverpool Victoria Friendly Society, which has been amassing a substantial portfolio of West End properties.

Lasenby House is a freehold property comprising 25,500 sq ft (2,320 sq m) of office space, while the Liberty Island Site is held on a long lease from the Crown Estate. It comprises 27,000 sq ft (2,510 sq m) of retailing on basement, ground and first floors occupied by Liberty, Gap and Barclays Bank with 36,000 sq ft (3,345 sq m) of offices on the upper floors.

Retail Stores chairman Richard Balfour-Lynn said the deal 'enables us to repay all our debt and focus resources on developing Liberty designed luxury goods aimed at the international market'.