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Capco says no offer received from Candy
21st Oct 2019 10:17
(Sharecast News) - UK property firm Capital & Counties (Capco) said it had not received any potential bids for the business after weekend reports that luxury property developer Nicholas Candy was in early talks over a possible cash offer.
In a statement on Monday, Capco said "no approach made to the company by Candy Ventures or any other party", adding that it had on Sunday entered a "short period of exclusivity" with Olympic Village owner Delancey, on behalf of its client fund and APG", in relation to the possible sale of its troubled Earls Court development.
Capco in July said it was planning to demerge its prime London estates of Covent Garden and Earls Court and launching the former as a central London-focused real estate investment trust.
Candy was understood to have held early-stage talks with Saudi Arabia's Public Investment Fund about a joint move on Capco, the Sunday Times reported. Capco shares have almost halved since their 2015 peak, closing at 249.8p, valuing it at £2.1bn.
"Further to the recent press speculation regarding Capital & Counties Properties, a consortium led by Candy Ventures, an investment vehicle of Nicholas Candy, confirms that it is in the early stages of considering a possible cash offer for the entire issued and to be issued share capital of Capco," Candy said on Monday.
"There can be no certainty that any offer will be forthcoming, nor as to the terms of any such offer."
Capco has been embroiled in a dispute with Hammersmith & Fulham council over its plan to build thousands of luxury homes at Earls Court. Earlier this month the borough approved compulsory purchase order plans on part of the site to end a stalemate.
"Capco promised their masterplan would deliver 7,500 new homes, improvements to local tube stations and bus services plus investment in cycle hire hubs, parking spaces, new local amenities including a new primary school, community centre, leisure centre, health centre, cultural space and money towards a cultural fund for the area and the creation of 7.5 acres of green space including garden squares and communal gardens," the council said in a report.
"To date, no homes have been delivered within the Earl's Court masterplan area. Just over 200 private homes have been delivered on the Seagrave Road site. The project has completely stalled over the last six years, with only demolition of the exhibition centres taking place."
In a statement on Monday, Capco said "no approach made to the company by Candy Ventures or any other party", adding that it had on Sunday entered a "short period of exclusivity" with Olympic Village owner Delancey, on behalf of its client fund and APG", in relation to the possible sale of its troubled Earls Court development.
Capco in July said it was planning to demerge its prime London estates of Covent Garden and Earls Court and launching the former as a central London-focused real estate investment trust.
Candy was understood to have held early-stage talks with Saudi Arabia's Public Investment Fund about a joint move on Capco, the Sunday Times reported. Capco shares have almost halved since their 2015 peak, closing at 249.8p, valuing it at £2.1bn.
"Further to the recent press speculation regarding Capital & Counties Properties, a consortium led by Candy Ventures, an investment vehicle of Nicholas Candy, confirms that it is in the early stages of considering a possible cash offer for the entire issued and to be issued share capital of Capco," Candy said on Monday.
"There can be no certainty that any offer will be forthcoming, nor as to the terms of any such offer."
Capco has been embroiled in a dispute with Hammersmith & Fulham council over its plan to build thousands of luxury homes at Earls Court. Earlier this month the borough approved compulsory purchase order plans on part of the site to end a stalemate.
"Capco promised their masterplan would deliver 7,500 new homes, improvements to local tube stations and bus services plus investment in cycle hire hubs, parking spaces, new local amenities including a new primary school, community centre, leisure centre, health centre, cultural space and money towards a cultural fund for the area and the creation of 7.5 acres of green space including garden squares and communal gardens," the council said in a report.
"To date, no homes have been delivered within the Earl's Court masterplan area. Just over 200 private homes have been delivered on the Seagrave Road site. The project has completely stalled over the last six years, with only demolition of the exhibition centres taking place."