Shaftesbury and Capco merge into property giant

THE biggest shake-up of the property landscape of the West End for a generation was under way today when two of its biggest players, Capital & Counties and Shaftesbury, agreed a £5 billion merger.

- Jonathan Prynn

The all-share deal will create a new company to be called Shaftesbury Capital with a portfolio of 670 mainly freehold buildings with around 2.9 million sq ft of lettable space across 2000 commercial and residential units.

It brings together the biggest landowner in Covent Garden with the dominant force in Soho, Chinatown and Seven Dials, where Shaftesbury owns 16.5 acres. Shaftesbury shareholders will own 53% of the new group and Capco shareholders 47%.

The two companies, which will combine through a reverse takeover by Capco of Shaftesbury, had gross income of £165.5 million and an estimated rental value of approximately £218 million as at 31 March 2022.