Two of London’s biggest property companies, Shaftesbury and Capital & Counties Properties , agreed to merge on Thursday to create a £5bn estate with sites in tourist hotspots including Covent Garden, Carnaby Street and Soho that are battling to recover from the pandemic.
The newly created group will be led by Shaftesbury’s Jonathan Nicholls as non-executive chair and Capco’s Ian Hawksworth as CEO. Shaftesbury CEO Bickell and Capco chair Henry Staunton will retire once the deal is completed. London landlords heavily exposed to non-essential retailers and hospitality firms are on a slow recovery path after coronavirus lockdowns.
Under the terms of the all-share deal, Shaftesbury shareholders will get 3.356 new Capco shares for each share held, valuing Shaftesbury at about £1.96bn including the 25.2% stake Capco already owns.For Capco shareholders, the deal is expected to be earnings accretive immediately, while for Shaftesbury shareholders, the merger is expected to be modestly earnings dilutive in the first two years after completion.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Capco and Shaftesbury in merger to create £5bn London property powerhouseCapco CEO Ian Hawksworth will become head of the combined group, which will be called Shaftesbury Capital
Source: BDliveSA - 🏆 12. / 63 Read more »
Capco and Shaftesbury in merger to create £5bn London property powerhouseCapco CEO Ian Hawksworth will become head of the combined group, which will be called Shaftesbury Capital
Source: BDliveSA - 🏆 12. / 63 Read more »