Wednesday , May 25 2022

CapCo can sell "Earl's Court" residential building in Hong Kong wholesaler


Selling their R14bn Earl's Court residential building in London, the JSE listed capitals and regions (CapCo) make life much easier and wants to focus on retail success – the icon of Covent Garden.

Hong Kong's property tycoon Li Ka-shings announced that his CK Asset Holdings wanted to buy 90% of Earl's Court development.

CapCo's executive director, Ian Hawksworth, is forced to divide the company into two companies, because the British assets – Covent Garden and Earl's Court – have not been combined. One company owns the Covent Garden retail center and one would own real estate in Earl's Court.

CapCo has gone 10 years to prepare 31ha of living space for one of the most ambitious London's contemporary history. The company wants to build 707 million luxury homes in this area.

Construction is already taking place on about 800 homes in Lillie Square, part of a site owned by the Hong Kong Kwok family. This part of Earl's Court will not be sold to CK Asset Holdings.

Hawksworth wanted Covent Garden, valued at more than £ 2.5bn, to be launched as an Independent London retail real estate investment trust firm in London.

The second transaction would be the London Development Company, centered on Earl's Court, led by CapCo Gary Yardley.

Investec Asset Management Portfolio Manager Peter Clark said the deal

"It would be good if CapCo were able to sell the Earl's Court properly, which would create a clearer investment case for the rest of Covent Garden's businesses."

CapCo statement announced on Monday that

it considered "a number of proposals in relation to Capco's interests in the Earl's Court" which it had received.

"This includes discussions with CK Asset Holdings Limited for a conditional offer to sell almost all Capco's interests to Earl's Court Properties, with the exception of the Lillie Square Joint Undertaking," the statement said.

Hakwsworth was not available for comments on Tuesday.

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