Welcome to propertyweek.com. The company’s portfolio […], Capital & Counties this week confirmed it was in talks to buy a 26.3% stake in rival West End landlord Shaftesbury in what would be the first steps […], West End property landlord Capital & Counties (Capco) is in talks to acquire a 26.3% stake in rival Shaftesbury, potentially paving the way for a multi-billion pound takeover. If the talks progress, it could lead to a takeover approach for Shaftesbury that would combine two of London’s most valuable estates. The firm, which owns the Covent Garden estate, said it was in discussions over the potential acquisition of a 26.3% stake in Shaftesbury but that there could be ”no certainty that these discussions will lead to any agreement between Capco and the selling shareholder”. Lee had previously expressed concerns about management at Shaftesbury and had claimed his stake was diluted by a Shaftesbury share placing in December 2017. Country Specialist: Asia Pacific ex Japan. Are you sure you want to mark this comment as inappropriate? Bank of America is acting as financial adviser and corporate broker to Capco on the transaction. CAPC : Capital & Counties agrees deal to buy 26.3% of Shaftesbury, Your email address will not be published. Capco agrees deal to buy Sammy Lee’s Shaftesbury stake 30 May 2020 | by David Hatcher. Lee’s potential exit comes at a time when the London property market has been hurt by Covid-19 disruption, with scores of shops temporarily shut during the lockdown, and some tenants struggling to pay rent. Covent Garden landlord Capital & Counties (Capco) has agreed a shock £436 million purchase of property tycoon Samuel Tak Lee’s stake in neighbouring firm Shaftesbury. Based on the group’s net debt as at 31 March 2020 and the carrying value of the group’s property portfolio as at 31 December 2019, Capco’s loan to value ratio would be 30% and cash and undrawn committed facilities would be £525m. If the discussions progress, it could lead to a potential takeover approach for Shaftesbury, in the near future, it has been speculated. The firm, which owns the Covent Garden estate, said it was in discussions over the potential acquisition of a 26.3% stake in Shaftesbury but that there could be ”no certainty that these discussions will lead to any agreement between Capco and the selling shareholder”. Shaftesbury said it would defend the allegations robustly. Please Login or Subscribe. Are you sure you want to mark this comment as inappropriate? He has previously expressed concerns about management at Shaftesbury and has claimed his stake was diluted by a Shaftesbury share placing in December 2017. This content is only available to registered users. 11 Monument Street Shares in Shaftesbury improved 17p to 620p and Capco edged up 0.4p to 159.7p. The proceedings concerned allegations and claims relating to the placing, and sought to challenge the rationale for the placing and the way in which the shares were allocated in the placing. Shaftesbury said its board looks forward to “engaging with Capco as it would with any other shareholder in the company”. 44.9% discount to Shaftesbury’s 12 month share price high of 979.5 pence on 23 October 2019, and a, 45.0% discount versus Shaftesbury’s last reported. It represents a discount of 13.9% to the closing Shaftesbury share price on 29 May 2020. Capital & Counties is in talks to buy a 26.3 per cent shareholding in the company from Samuel Tak Lee, a Hong Kong billionaire. Please, The subscription details associated with this account need to be updated. Please, Capco owns a £2.6 billion estate in Covent Garden covering 1.2 million sq ft of shops, restaurants and offices, Listen to Times Radio for the latest well-informed debate, expert analysis and breaking news. Shaftesbury feels the High Street chill but boosts rental income, Capco in shock swoop for stake in rival London landlord Shaftesbury, ( Ian Hawksworth, chief executive of Capco, said: “As long-term investors in the Covent Garden estate and the West End, the investment in Shaftesbury represents a unique opportunity to deploy our capital in an exceptional, Based on the group’s net debt as at 31 March 2020 and the carrying value of the group’s property portfolio as at 31 December 2019, Capco’s, Given the capital deployed towards the investment, Capco’s.
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