Property investment rises 5%
Total direct investment in commercial property last year was 5% more than 2000, at £30.2bn, said DTZ. The rise was driven by investment from overseas and major portfolio transactions. Property companies accounted for one-third of purchases in the year, compared with a quarter in 2000. Direct institutional investment represented 14% of the total, down from 23% in 2000.
Liberty restates CSC accounts
Liberty International has hadto restate its 2000 report and accounts, following a Financial Reporting Review Panel ruling. The ruling covered Liberty’s treatment of its acquisitionof the 25% of subsidiaryCapital Shopping Centreswhich it did not already own.In its 2001 accounts, Liberty brought in a revised fair value table for 2000 in which CSC’s property assets were includedat a fair value of £193.2m more than previously reported, andit has recognised negative goodwill of £193.2m.
