There is a battle brewing in the ashes of the British property market.
Liberty International, a London-based real-estate investment trust that specializes in shopping malls, appears to be the subject of a takeover battle between U.S.-based Simon Property Group and Australian-based Westfield Group.
The rumble in the City comes as property prices in Britain have fallen dramatically and could be a sign that a bottom has materialized in certain market segments.
British property stocks have seen their value cut in half since REITs were first introduced in the country in January 2007. Liberty, which owns London’s famed Covent Garden, has fared better than most of its counterparts, falling just 22 percent during the same time period. The stock may have held its ground as others crumbled due to its primary investment in shopping centers and active buying from opportunistic suitors.
