Combined Group to Control 670 Freehold Buildings in Covent Garden, Carnaby, Chinatown, Soho
- Capital and Counties Properties PLC (Capco) and Shaftesbury agree on an all-share merger
- The combined group’s portfolio valued at £5bn with annualized gross income of approximately £165.5m
- Expected to be earnings accretive for Capco shareholders
- Capco Group to own 100% of Shaftesbury on completion
- £576m loan provides funding certainty in case of redemption right exercise by Shaftesbury Mortgage Bond holders
- Jonathan Nicholls as non-executive chairman, Ian Hawksworth as CEO, Situl Jobanputra as CFO, Chris Ward as COO
- Brian Bickell and Henry Staunton to retire after completion of merger
- Combined group’s portfolio in high-footfall London West End locations like Covent Garden, Carnaby, Chinatown, Soho
- Approximately 670 freehold buildings with 2.9 million sq ft lettable space across 2,000 commercial and residential units
Capital and Counties Properties PLC (Capco) and Shaftesbury have agreed on an all-share merger, valuing the combined group’s portfolio at £5bn with annualized gross income of approximately £165.5m. The deal is expected to be earnings accretive for Capco shareholders immediately. Upon completion, Capco will own 100% of Shaftesbury’s issued and to-be-issued share capital. The merger is also expected to generate around £12m in pre-tax recurring cost synergies on an annual run-rate basis by the end of the second full year following completion. Capco has secured a £576m loan for funding certainty if Shaftesbury Mortgage Bond holders exercise their redemption right. The combined group will be led by Jonathan Nicholls as non-executive chairman, Ian Hawksworth as CEO, Situl Jobanputra as CFO, and Chris Ward as COO. Brian Bickell and Henry Staunton will retire after the merger’s completion, while executive directors Simon Quayle and Tom Welton leave the business. The combined group’s portfolio spans high-footfall London West End locations like Covent Garden, Carnaby, Chinatown, and Soho. It comprises approximately 670 predominantly freehold buildings with 2.9 million square feet of lettable space across 2,000 commercial and residential units.
Factuality Level: 10
Factuality Justification: The article provides accurate information about the merger between Capital and Counties Properties PLC (Capco) and Shaftesbury, including details such as the valuation of the combined group’s portfolio, expected cost synergies, leadership changes, and the composition of the combined group’s portfolio. It also includes relevant financial data and specific locations of their properties.
Noise Level: 2
Noise Justification: The article provides relevant information about a business merger between two companies in the real estate sector, with details on the financial aspects, leadership changes, and portfolio composition. It is informative without any irrelevant or misleading content.
Financial Relevance: Yes
Financial Markets Impacted: Real estate sector
Financial Rating Justification: The article discusses a merger between two real estate companies, Capital and Counties Properties PLC (Capco) and Shaftesbury, which will create a combined group with a £5bn portfolio and an annualized gross income of approximately £165.5m. This impacts the financial markets as it affects the real estate sector and the companies involved.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the last 48 hours.
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