City Of London
Shaftesbury, Capco to Merge Into Giant West End Landlord
- Their combined portfolio is valued at about £5 billion
- Ian Hawksworth to continue as CEO after the all-share merger
British Union flag bunting decorates a retail space in Covent Garden
Photographer: Chris J. Ratcliffe/BloombergThis article is for subscribers only.
Shaftesbury Plc and Capital & Counties Properties Plc have agreed to merge, creating a landlord that will own vast swathes of London’s West End including Covent Garden and Chinatown. Both companies fell in London trading.
The all-share merger will result in Shaftesbury owning 53% of the new company, which will have a portfolio of properties valued at about £5 billion ($6.1 billion), according to a statement Thursday. Ian Hawksworth, chief executive officer of Capco, and Jonathan Nicholls, chairman of Shaftesbury, will continue in the same roles in the combined firm, which will be named Shaftesbury Capital.