LIBERT SPLITS ASSETS

The move came as the group said pretax losses had narrowed from £2.7billion to £329million for the year to December. However, the shares fell 20½p to 492½p after property values fell from 745p a share to 464p a share, below City forecasts.

London property, worth £1.24billion, will be spun off into a company called Capital & Counties and will be focused on opportunistic growth. The 13 shopping centres, including Gateshead’s Metro Centre and Lakeside at Thurrock, Essex, will form Capital Shopping Centres, which will be incorporated as a tax-efficient Real Estate Investment Trust. Both companies will be listed on London by May.

Chief executive David Fischel said no new money will be raised as part of the split, with both companies holding enough capital to invest in their businesses. C&C will have £263million in cash, while CSC will hold £300million. The company raised £866million last year.