UK landlords Shaftesbury and Capco agree to merge

West End landlords Shaftesbury and Capital & Counties Properties have agreed to merge.

The two property giants announced Thursday they had reached an agreement on the terms of a recommended all-share merger.

Under the terms of the merger, Shaftesbury shareholders will own 53 percent of the combined group, while Capco shareholders will own 47 percent.

Commenting on the news, Shaftesbury CEO Brian Bickell said: “As we emerge from the disruption of the pandemic, we are seeing increased confidence and growth once again, demonstrating the resilience of the West End and our locations.”

He said the merged business will have an “exceptional portfolio, located in popular and busy parts of London’s vibrant West End, and an experienced and innovative team drawn from both businesses”.

Capco CEO Ian Hawksworth said: “The proposed merger is an exciting opportunity to bring together two exceptional property portfolios in London’s vibrant and thriving West End.

“By combining the creativity and knowledge of our talented and experienced management teams to deliver sustained income and value growth Shaftesbury Capital aims to become a leading central London mixed-use real estate investment trust (REIT).”