Adds details on Earls Court, background
Oct 21 (Reuters) - Candy Ventures, an investment vehicle of luxury property developer Nicholas Candy, said on Monday it was in early talks for a possible cash offer for property manager Capital & Counties Properties Plc (Capco) CAPCC.L.
UK-based Capital & Counties has a market value of about 2.1 billion pounds ($2.71 billion).
Capco could not be immediately reached for comment outside regular market hours. Shares of the company rose 5.5% to 263.5 pence in early trading.
Candy Ventures confirmed on Monday that it was in the early stages of considering an offer for Capco, following a report from The Times that Candy brothers, Nick and Christian Candy, have held early stage talks with Saudi Arabia’s Public Investment Fund about a joint move on Capco.
Earlier this year, the FTSE 250 company proposed to split its prime London estates of Covent Garden and Earls Court. It announced an intention to make Covent Garden as a central London focused REIT.
Capco said last month there was progress with parties interested in buying the Earls Court business and that its board of directors were working with "selected parties" for a possible sale.
In May, the value of its interest in Earls Court was 412 million pounds, which was a steep drop in valuation from that of Dec. 31.
Capco was in talks last year to sell the bulk of its interests in the estate to Hong Kong billionaire property developer Li Ka-shing's CK Asset Holdings1113.HK. [nL4N1XG50L]
($1 = 0.7745 pounds)
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi Aich, Bernard Orr)
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