Capital Shopping Centres
Encyclopedia
Capital Shopping Centres Group plc is a United Kingdom
-based Real Estate Investment Trust
(REIT), largely focused on shopping centre management and development. Formerly named Liberty International plc, it changed its name to that of its major subsidiary in May 2010 after demerging its Capital & Counties
business unit as a stand-alone company. In addition to 13 shopping centres in the U.K., Capital Shopping Centres Group also owns the California
-based subsidiary Equity One. The firm's shares are listed on the London
and Johannesburg stock exchanges and it is a constituent of the FTSE 100 Index
.
) in 1991. In 1992 it merged with Capital & Counties, a leading shopping centre developer, so securing itself a listing on the London Stock Exchange
. It changed its name to Liberty International
in 1996 and, after demerging Capital & Counties Properties
in 2010, renamed itself Capital Shopping Centres Group.
Its United States
-based subsidiary Equity One owns a portfolio of shopping centres and office property in California.
In November 2011, it was announced that CSC would be purchasing The Westfield Group
's 75% stake in Westfield Broadmarsh, in Nottingham
. This is only around the corner from the Victoria Centre, which CSC also own, putting the future of both centres in limbo.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
-based Real Estate Investment Trust
Real estate investment trust
A real estate investment trust or REIT is a tax designation for a corporate entity investing in real estate. The purpose of this designation is to reduce or eliminate corporate tax. In return, REITs are required to distribute 90% of their taxable income into the hands of investors...
(REIT), largely focused on shopping centre management and development. Formerly named Liberty International plc, it changed its name to that of its major subsidiary in May 2010 after demerging its Capital & Counties
Capital & Counties Properties
Capital & Counties Properties plc is a United Kingdom-based property investment and development company which is focused on sites in the West and West End of London...
business unit as a stand-alone company. In addition to 13 shopping centres in the U.K., Capital Shopping Centres Group also owns the California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
-based subsidiary Equity One. The firm's shares are listed on the London
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and Johannesburg stock exchanges and it is a constituent of the FTSE 100 Index
FTSE 100 Index
The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the footsie , is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange....
.
History
The Company was established by Sir Donald Gordon in 1980 under the name of Transatlantic Insurance Holdings plc as an offshoot Liberty Life Association of Africa, a business he had founded in 1957. The Company developed into a leading investor in life assurance businesses in the 1980s only divested its remaining life assurance interests (a 29% holding in Sun LifeSun Life & Provincial Holdings
Sun Life & Provincial Holdings plc was a large British insurance company. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index.-History:...
) in 1991. In 1992 it merged with Capital & Counties, a leading shopping centre developer, so securing itself a listing on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
. It changed its name to Liberty International
Liberty International
Liberty International plc was a British property investment company. It switched to Real Estate Investment Trust status when REITs were introduced in the United Kingdom in January 2007...
in 1996 and, after demerging Capital & Counties Properties
Capital & Counties Properties
Capital & Counties Properties plc is a United Kingdom-based property investment and development company which is focused on sites in the West and West End of London...
in 2010, renamed itself Capital Shopping Centres Group.
Operations
At 31 December 2010 the company's investment properties were valued at £5.1 billion. Capital owns several shopping centres in the UK, including:- BraeheadBraeheadBraehead is a commercial development located at the former site of Braehead Power Station in Renfrew on the south bank of the River Clyde in Renfrewshire. It is particularly notable for its large shopping centre, arena and leisure facilities....
, RenfrewshireRenfrewshireRenfrewshire is one of 32 council areas used for local government in Scotland. Located in the west central Lowlands, it is one of three council areas contained within the boundaries of the historic county of Renfrewshire, the others being Inverclyde to the west and East Renfrewshire to the east...
(near Glasgow) - ChapelfieldChapelfieldChapelfield is a large indoor shopping mall located on the edge of Norwich city centre, on the site previously occupied by the Caleys chocolate factory....
, NorwichNorwichNorwich is a city in England. It is the regional administrative centre and county town of Norfolk. During the 11th century, Norwich was the largest city in England after London, and one of the most important places in the kingdom...
- The ChimesThe Chimes, UxbridgeThe Chimes is a shopping centre in Uxbridge, within the London Borough of Hillingdon, owned and managed by Capital Shopping Centres.Opened in February 2001, the centre includes 71 stores, cafes and restaurants, including Boots, BHS, Debenhams, Gap, H&M and Next as anchor stores...
, UxbridgeUxbridgeUxbridge is a large town located in north west London, England and is the administrative headquarters of the London Borough of Hillingdon. It forms part of the ceremonial county of Greater London. It is located west-northwest of Charing Cross and is one of the major metropolitan centres... - Eldon Square, Newcastle upon TyneNewcastle upon TyneNewcastle upon Tyne is a city and metropolitan borough of Tyne and Wear, in North East England. Historically a part of Northumberland, it is situated on the north bank of the River Tyne...
(60% CSC, 40% City of Newcastle) - The GladesThe Glades (Bromley)The Glades is a British shopping centre owned by Capital Shopping Centres , CGNU , and London Borough of Bromley . It is located in Bromley, South-East London. It has a total of 135 stores trading from a combined floorspace of...
, BromleyBromleyBromley is a large suburban town in south east London, England and the administrative headquarters of the London Borough of Bromley. It was historically a market town, and prior to 1963 was in the county of Kent and formed the administrative centre of the Municipal Borough of Bromley...
(CSC 63.5%, AvivaAvivaAviva plc is a global insurance company headquartered in London, United Kingdom. It is the sixth-largest insurance company in the world measured by net premium income and has 53 million customers in 28 countries...
21.5%, London Borough of Bromley 15%) - The HarlequinHarlequin Shopping CentreThe Harlequin Centre, in the centre of Watford, is the biggest shopping centre in Hertfordshire, in the United Kingdom, and is visited by over 17 million customers each year...
, WatfordWatfordWatford is a town and borough in Hertfordshire, England, situated northwest of central London and within the bounds of the M25 motorway. The borough is separated from Greater London to the south by the urbanised parish of Watford Rural in the Three Rivers District.Watford was created as an urban...
(CSC 93%, Watford Borough Council 7%) - Lakeside Shopping CentreLakeside Shopping CentreThe Lakeside Shopping Centre is a large out-of-town shopping centre located in West Thurrock, in the borough of Thurrock, Essex just beyond the eastern boundary of Greater London...
, West ThurrockWest ThurrockWest Thurrock is a traditional Church of England parish and town in Thurrock, Essex, England, located 17.5 miles east south-east of Charing Cross, London.-Location:... - The Mall at Cribbs CausewayCribbs CausewayCribbs Causeway is a road in South Gloucestershire, England, just north of Bristol, which has given its name to a large out-of-town shopping centre, including retail parks and an enclosed shopping centre known as The Mall...
, BristolBristolBristol is a city, unitary authority area and ceremonial county in South West England, with an estimated population of 433,100 for the unitary authority in 2009, and a surrounding Larger Urban Zone with an estimated 1,070,000 residents in 2007...
(CSC/Prudential 66%, ? 34%) - Manchester Arndale Centre, ManchesterManchesterManchester is a city and metropolitan borough in Greater Manchester, England. According to the Office for National Statistics, the 2010 mid-year population estimate for Manchester was 498,800. Manchester lies within one of the UK's largest metropolitan areas, the metropolitan county of Greater...
(CSC/Prudential 95.3%, ? 4.7%) - MetroCentre, GatesheadGatesheadGateshead is a town in Tyne and Wear, England and is the main settlement in the Metropolitan Borough of Gateshead. Historically a part of County Durham, it lies on the southern bank of the River Tyne opposite Newcastle upon Tyne and together they form the urban core of Tyneside...
(CSC 54%, GIC Real Estate 36%, Church Commissioners 10%) - The PotteriesPotteries Shopping CentreThe Potteries Shopping Centre is an indoor shopping centre in Hanley, Stoke on Trent. It is the major indoor shopping centre in the city. The town of Hanley is generally regarded as the commercial city centre of Stoke-on-Trent....
, Hanley, Stoke-on-TrentStoke-on-TrentStoke-on-Trent , also called The Potteries is a city in Staffordshire, England, which forms a linear conurbation almost 12 miles long, with an area of . Together with the Borough of Newcastle-under-Lyme Stoke forms The Potteries Urban Area... - St. David's CentreSt. David's CentreSt. David's is one of the principal shopping centres in the city centre of Cardiff, capital of Wales. Located in The Hayes area of the southern city centre...
, CardiffCardiffCardiff is the capital, largest city and most populous county of Wales and the 10th largest city in the United Kingdom. The city is Wales' chief commercial centre, the base for most national cultural and sporting institutions, the Welsh national media, and the seat of the National Assembly for...
(St. David's Partnership / CSC 50%, Land Securities GroupLand Securities GroupLand Securities Group plc is the largest commercial property company in the UK and the leading British property development and investment company headquartered in central London. The firm switched to Real Estate Investment Trust status when REITs were introduced in the United Kingdom in January...
50%) - The Trafford Centre, TraffordTraffordThe Metropolitan Borough of Trafford is a metropolitan borough of Greater Manchester, England. It has a population of 211,800, covers , and includes the towns of Altrincham, Partington, Sale, Stretford, and Urmston...
, Greater ManchesterGreater ManchesterGreater Manchester is a metropolitan county in North West England, with a population of 2.6 million. It encompasses one of the largest metropolitan areas in the United Kingdom and comprises ten metropolitan boroughs: Bolton, Bury, Oldham, Rochdale, Stockport, Tameside, Trafford, Wigan, and the... - Victoria CentreVictoria Centre, NottinghamThe Victoria Centre is a shopping centre in Nottingham, England. Its four main anchor stores are John Lewis, House of Fraser, Boots and Next. Other notable stores are The Entertainer, Topshop, Republic, Monsoon, Swarovski, GAP, Tesco Metro and HMV....
, NottinghamNottinghamNottingham is a city and unitary authority in the East Midlands of England. It is located in the ceremonial county of Nottinghamshire and represents one of eight members of the English Core Cities Group...
Its United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
-based subsidiary Equity One owns a portfolio of shopping centres and office property in California.
In November 2011, it was announced that CSC would be purchasing The Westfield Group
The Westfield Group
The Westfield Group is an Australian shopping centre group undertaking ownership, development, design, construction, funds/asset management, property management, leasing and marketing activities...
's 75% stake in Westfield Broadmarsh, in Nottingham
Nottingham
Nottingham is a city and unitary authority in the East Midlands of England. It is located in the ceremonial county of Nottinghamshire and represents one of eight members of the English Core Cities Group...
. This is only around the corner from the Victoria Centre, which CSC also own, putting the future of both centres in limbo.