Two of London’s biggest landlords discussing linking up billions of pounds that would send shockwaves through the city’s property market.
By Daily Mail City & Finance Reporter
PUBLISHED: 4:50 PM EDT, May 8, 2022 | UPDATED: 4:53 PM EDT, May 8, 2022
Two of London’s biggest landlords are discussing a billion-pound alliance that would send shockwaves through the city’s property market.
FTSE 250 firms Shaftesbury and Capital & Counties (Capco) are in ‘advanced discussions’ over a £3.5bn merger that would unite some of the West End’s most valuable areas.
Shaftesbury owns much of Chinatown, Carnaby Street, and posh Fitzrovia north of Oxford Street.
Capital & Counties, led by CEO Ian Hawksworth (pictured), has a portfolio that includes the Covent Garden market
Capco’s portfolio includes Covent Garden Market. If the merger goes through, the combined company will control 2.9 million square feet of prime real estate in central London, including shops, restaurants, offices and housing.
Shaftesbury shareholders would own 53 percent of the combined company, with Capco investors owning the remaining 47 percent.
The new firm would be headed by Hawksworth and Shaftesbury chairman Jonathan Nicholls.
It comes after Covid took a toll on its share prices, with Shaftesbury’s value down a third from three years ago, while shares in Capco are down 31 per cent.
But the two firms are looking to cash in on the rebound in trade.
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