Capco closes in on Earls Court sale

Capital & Counties has announced progress with a number of potential buyers seeking to buy its stake in the beleaguered Earls Court site. It said it has entered due diligence and commercial terms with buyers deemed acceptable by stakeholders, with pricing at a discount to the balance sheet value. Capco announced in July that it intended to split the business before the end of the year, as the value of the Earls Court Partnership continued to slide. Earls Court was most recently valued at £389m at the end of June, down from £461m just six months earlier. The new business, EC Properties, will include Capco’s 63% stake in around 27 acres at Earls Court. Capco said it had received a number of proposals to acquire the site but noted at the time that there was “no certainty of a sale”. It has reportedly been approached by CK Asset Holdings, Canary Wharf Group and Berkeley Group. Capco now says it will work with parties towards a sale. If this does not progress “satisfactorily” it said it will publish demerger documentation at the end of October.   To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette