Capco to split in two and separately list companies in London

separated from Donald Gordon’s Liberty International in 2010, plans to split in two by separately listing itsThe company said on Thursday it wants to list its Covent Garden estate, valued at about £2.8bn , as a UK real estate investment trust , while also unbundling its Earls Court development project. The Earls Court business, which will become EC Properties, held properties worth £426m at the end of June.

“Covent Garden and Earls Court are distinct businesses with different risk and reward profiles,” it said in a statement. A demerger would give each business more flexibility in terms of strategy and balance-sheet management, the company said. Capco said it wants its current top management team to lead the unbundled Covent Garden London business.Underlying earnings in the six months to end-June rose to £4.5m from £4.3m a year before.

The company said its total property value declined by 2% to £3.2bn in the six months to end-June because of a slump in Earls Court’s value. This was because “uncertainties in the broader political and economic environment continue to impact sentiment around London residential property”.

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BUSINESS MAVERICK: Naspers’ Amsterdam listing elicits taxing questionsA kerfuffle has broken out among asset management companies about a scheme to avoid the immediate payment of capital gains tax in the process of Naspers’ listing in Amsterdam. Some say it’s tax avoidance rather than tax evasion. Others say it’s risky and opens shareholders to a tax challenge, so they are advising their clients to not do it. It shows Naspers shareholders face more than one tricky choice they should consider carefully.
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