Capco bids for Shaftesbury stake

Capital & Counties in is talks to buy a stake in West End landlord Shaftesbury. 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”. The selling shareholder is Hong Kong-based billionaire Sammy Tak Lee (pictured), who has been seeking legal action against Shaftesbury over a 2017 share placing. Tak Lee put his stake up for auction earlier this month. If Capco is successful in bidding for the stake it would bring the two West End landlords closer together. For years, industry experts have speculated over a merger between the two businesses. A tie-up would create a powerful West End property company owning some of London’s biggest tourist locations, including Covent Garden, Carnaby Street and Chinatown. To send feedback, e-mail samantha.mcclary@egi.co.uk or tweet @samanthamcclary or @estatesgazette