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Capco to split in two and separately list companies in London

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The UK-focused landlord plans to demerge Covent Garden and its Earls Court project

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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