Liberty plc shares rise after sale of West End store for £41.5m

The retailer, which has sold the store in order to pay for its debts, have made £41.5m profit from the sale which apparently has been sold to Sirosa Liberty a vehicle set up to buy the building (with no link to Liberty).

The sale will not affect the day to day business of the department store which will leaseback the building at a yearly rent of 2.1 million pounds.

Liberty shares, which on Friday announced the building had been put up for sale, is owned by property group MWB Holdings.

The freehold had been valued at £30.25m, and the firm had recieved several bid approaches including one from private equity fund, BlueGem Capital Partners.

The disposal, despite the exchanging of contracts could take several week as it requires shareholder approval.