Green light for mega-merger of London landlords Capital & Counties and Shaftesbury
The £5billion merger of two of London’s largest landlords will go forward after getting the all-clear from competitors regulators.
Capital & Counties Properties and Shaftesbury will personal swathes of in style locations reminiscent of Soho, Covent Garden, Carnaby Street and Chinatown in a tie-up introduced final May.
The Competition and Markets Authority (CMA) investigated the deal over fears their dominance within the West End might result in ‘a considerable lessening of competitors’. It has cleared them after a two-month probe.
Merger: Capital & Counties and Shaftesbury will personal swathes of in style locations reminiscent of Soho, Covent Garden, Carnaby Street (pictured) and Chinatown in a tie-up introduced final May
The merger, already authorized by Shaftesbury and Capco’s shareholders, is predicted to be finalised early subsequent month. Shaftesbury owns massive elements of Chinatown, Carnaby Street and Fitzrovia, north of Oxford Street.
Capco’s portfolio contains Covent Garden market. The mixed agency will management 2.9m sq. ft of actual property in central London together with outlets, eating places, workplaces and housing.
Shaftesbury shareholders will personal 53 per cent of the joint firm, to be referred to as Shaftesbury Capital, with Capco buyers proudly owning the remaining 47 per cent.
Last month Shaftesbury boss Brian Bickell, 68, who will retire after the merger, mentioned London was lastly seeing a ‘return to regular’ after the pandemic.
Despite rail strikes, he mentioned store and bar turnover at its properties was forward of pre-Covid ranges in December.
Capco boss Ian Hawksworth, who will run the brand new firm, mentioned he’s assured concerning the 12 months forward for the West End.
Shaftesbury shares fell 1.5 per cent, or 6.4p, to 412p. Capco was up 1.1 per cent, or 1.4p, to 124.4p.
