Capco forms joint venture with TfL for Earls Court development

28th Mar 2014 07:47

Capital & Counties Propertes, otherwise known as Capco, has established a joint venture with Transport for London (TfL) to help the development of exhibition centres Earls Court 1 & 2 in West London.The Earls Court Partnership, set up as part of the Earls Court Masterplan, will be 63%-owned by Capco and 37%-owned by TfL.The Masterplan will deliver 7,500 new homes, a new primary school, leisure centre, health facilities and community and cultural spaces, as well as 37 acres of green open space. Transport infrastructure will also be improved as part of the development.TfL currently owns the freehold to the exhibition centres and Capco is the leaseholder of both sites."We are delighted to finalise this agreement and look forward to working with TfL. The re-imagination of Earls Court is moving forward and presents a unique opportunity to establish a new address in central London," said Capco's Investment Director Gary Yardley."Together with our partners, we will bring 7,500 new homes, 10,000 new jobs to the area, and benefits not just for the local economy, but for London as a whole."BC