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Capco in talks to buy stake in rival landlord Shaftesbury

Published
May 29, 2020
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Covent Garden landlord Capital & Counties (Capco) has confirmed it is negotiating a deal to buy a 26.3% interest in Shaftesbury, which owns a large property portfolio in London’s West End.


Photo: Shaftesbury


In a statement, Capco said: “There can be no certainty that these discussions will lead to any agreement between Capco and the selling shareholder.”

The seller is believed to be property tycoon Samuel Tak Lee, Shaftesbury’s largest shareholder. React News reported that Lee is seeking offers from 500p per share for his stake in Shaftesbury.

The Shaftesbury portfolio extends to 14.9 acres in the heart of the West End and includes many shops, restaurants and offices in Carnaby, Covent Garden, Chinatown, Soho and Fitzrovia.

The announcement has left investors speculating that the deal could lead to a potential takeover approach in the near future. 

Rumours have long circulated about a potential merger between the rival London property giants.

Capco's landmark estate at Covent Garden is worth £2.6 billion while Shaftesbury’s portfolio is valued at £4 billion.

Shares in Shaftesbury rose by nearly 2.5% on the announcement, while Capco’s shares rose by 1.1%.

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