International law firm, Bryan Cave Leighton Paisner (BCLP), has advised Capital & Counties Properties PLC (Capco), one of the largest listed property companies in London, on the sale of its interests in Earls Court, including a 63% interest in the Earls Court Partnership with Transport for London, to APG and Delancey (on behalf of its client fund) for £425 million. The disposal will be effected by way of a sale of the entire issued share capital of a wholly-owned subsidiary of Capco.

Earls Court represents one of the most important mixed-use development sites in London with the potential to create a new district, delivering thousands of homes and jobs.

The disposal positions Capco as a prime central London property investment business, centered around Covent Garden, with a continued focus on driving rental growth and securing income.

The sale will allow the continued and ambitious commercial and residential development of the former Earls Court Exhibition Centres and surrounding land by the new owners.

The BCLP Partners leading on the deal were Tessa Kimber from Real Estate and Corporate Partner, Adam Bogdanor. The BCLP real estate sector team has a wealth of experience advising on the selling of commercial real estate across the globe. Partners, Claire Watson and Matt Poole provided real estate finance and tax advice respectively. Jones Day advised Delancey and Simmons and Simmons advised APG.

Ian Hawksworth, Capco Chief Executive commented: “We are pleased to have agreed terms for the sale of our interests at Earls Court to APG and Delancey (on behalf of its client fund), an experienced real estate investment partnership, which with the support of TfL will take forward this important scheme for London.  BCLP’s support in achieving this important transaction for Capco has been invaluable. Throughout the process, the BCLP team worked effectively across the various disciplines, offering commercially-focused, first-rate advice, demonstrating why they deserve their place in the rankings.”

Contacts:

 

 

 

 

Georgina Bennett-Warner

 

Roseanne Green

Communications Manager
Bryan Cave Leighton Paisner

Communications Executive

Bryan Cave Leighton Paisner

020 3400 4116

020 3400 3684

Georgina.Bennett-Warner@bclplaw.com

Roseanne.Green@bclplaw.com

This document provides a general summary and is for information/educational purposes only. It is not intended to be comprehensive, nor does it constitute legal advice. Specific legal advice should always be sought before taking or refraining from taking any action.