Liberty International Rises Most Since 1992 on Government Stake

Liberty International Plc, the largest owner of U.K. shopping malls, rose the most since at least July 1992 in London trading as the South African government disclosed a 4.4 percent stake.

The shares rose 45 pence, or 12 percent, to 420 pence, paring the decline in the past six months to 12 percent and lifting its market value to 2.4 billion pounds ($3.9 billion).

Liberty raised 620 million pounds in a share sale last month to bolster its balance sheet as the value of its assets declined. Simon Property Group Inc., the largest owner of U.S. malls, lifted its holding to 6.2 percent, according to a June 2 statement.

Public Investment Corp., which is owned by South Africa and manages money for public pension funds, bought 25.2 million shares, it said a statement today.

U.K. real estate stocks rose today after Hammerson Plc said it sold a 75 percent stake in its largest asset to a fund owned by Oman.

To contact the reporter on this story: Peter Woodifield in Edinburgh at pwoodifield@bloomberg.net.

To contact the editor responsible for this story: Alan Mirabella at amirabella@bloomberg.net.