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UK Company Buys Shopping Mall for $119M

DALY CITY, CA-A European property group has taken a significant step in increasing its US presence with the purchase of Serramonte Shopping Center, an 850,000-sf, single level retail mall anchored by Macy's, Target and Mervyn's.

By Michelle Savage | Updated on February 08, 2002

DALY CITY, CA-A United Kingdom-listed property group has exchanged contracts for the purchase of a major shopping mall here for $119 million.

Liberty International Group, through its wholly owned US subsidiary, Capital & Counties USA Inc., has agreed to purchase the Serramonte Shopping Center for $119 million at an initial yield of 9%. The property is subject to a $66.9 million non-recourse mortgage at 6.93 % repayable in January 2005. The balance of the consideration will be provided from the group’s overall cash resources.

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