Capco has agreed to acquire a 26.3% shareholding in Shaftesbury PLC across two tranches for a total consideration of €485m (£436m). The deal represents a unique opportunity to acquire a significant stake in an exceptional mixed-use real estate portfolio, adjacent to Capco’s Covent Garden estate. It is consistent with Capco’s strategy to invest in attractive and complementary opportunities on or near the Covent Garden estate. Whilst COVID-19 has had a significant impact on the Group’s customers and business in the near term, the Capco Board continues to believe in the resilience and long-term fundamentals of prime central London and in particular the West End. It maintains a strong balance sheet with access to significant liquidity.
Ian Hawksworth, Chief Executive of Capco, commented: “As long-term investors in the Covent Garden estate and the West End, the investment in Shaftesbury represents a unique opportunity to deploy our capital in an exceptional portfolio at an attractive entry price, which we believe will generate long-term value for Capco shareholders. Capco’s world-class estate, strong balance sheet and significant financial flexibility ensure that the Company is well-positioned. Whilst we can expect continued market uncertainty in the near term, we are confident about the long-term fundamentals and prospects for the West End and prime central London.”