Property tycoon Nick Candy eyes Capital & Counties takeover
Candy Ventures said ‘it is in the early stages of considering a possible cash offer’ for the FTSE 250 business.
Property tycoon Nick Candy has confirmed that he is part of a consortium eyeing up a takeover bid for Earl’s Court owner Capital & Counties (Capco).
Candy Ventures, the tycoon’s investment vehicle, told investors that “it is in the early stages of considering a possible cash offer” for the FTSE 250 property business after reports over the weekend.
Mr Candy, who developed One Hyde Park with his brother Christian, is reportedly in contact with Saudi Arabia’s Public Investment Fund over the deal.
He confirmed that there “can be no certainty” that a bid will be made or what the terms of any offer would be.
Capco, which also owns Covent Garden, has seen its share value cut almost in half over the past four years.
In July, Capco affirmed its intention to split its business in order to contain the impact of a slide in the value of its Earl’s Court redevelopment project.
The London-focused firm said it plans to divide its property estate across two separate businesses, Covent Garden London and EC Properties.
The redevelopment of Earl’s Court lost more than 10% of its value in the first six months of 2019 as it was hampered by declining demand for luxury properties and opposition from local authorities.
It has been reported that the split had flushed out bids, including interest from Olympic Village owner Delancey and Canary Wharf Group to snap up Earl’s Court.
The property group has seen its shares surge higher on the back of the takeover interest. Shares in the company increased by 7.1% to 267.5p in early trading on Monday.