Candys join battle for Earls Court
Candy Ventures has said it is in early talks for a possible offer for Capital & Counties (Capco), the owner of Earls Court.
This follows a report in The Times that Candy brothers Nick and Christian have held early stage talks with Saudi Arabia’s Public Investment Fund about a joint move on Capco.
Earlier this year, Capco proposed a demerger of its Covent Garden and Ears Court assets. It is thought this was to facilitate a sale of Earls Court, a project which has struggled against both economic factors, and the opposition of the local council, as plans for the giant redevelopment scheme included the West Kensington and Gibbs Green council estates.
Capco said recently
that there was progress with parties interested in buying the Earls Court business and that its board of directors were working with “selected parties” for a possible sale.
Capco released a statement following the reports, noting the announcement by Candy Ventures that it is in the early stages of considering a possible cash offer for the Company. The statement said: “At this stage there has been no approach made to the Company by Candy Ventures or any other party.
“The Board has full confidence in the Company’s strategy and management to continue to deliver significant shareholder value. The Company is well advanced in executing the separation of its two prime central London estates Covent Garden and Earls Court.
“On 20 October 2019, the Company entered into a short period of exclusivity with an entity established by Delancey, on behalf of its client fund and APG, in relation to the possible sale of Earls Court. The Board continues to focus on maximising shareholder value.
“At this stage the Board recommends shareholders take no action. A further announcement will be made when appropriate.”
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