UPDATE: Candy Ventures Withdraws Takeover Offer For Capital & Counties

(Alliance News) - Investment fund Candy Ventures SARL said late Friday it would not be making an ...

Alliance News 15 November, 2019 | 6:24PM
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(Alliance News) - Investment fund Candy Ventures SARL said late Friday it would not be making an offer for London and Johannesburg-listed property investor Capital & Counties Properties PLC.

Candy Ventures, fronted by UK luxury property tycoon Nicholas Candy, said late October it was mulling a takeover offer, and was given until Monday next week to announce whether it would mount a takeover of the FTSE 250 listed company.

However, Capital & Counties Properties said earlier Friday it has agreed to sell its interests in Earls Court, London to APG and Delancey for GBP425 million.

The company said the sale, which excludes assets in Lillie Square, West London, is on a cash-free and debt-free basis and was in "the best interests of the company and shareholders as a whole".

Moreover, the sale is consistent with the company's strategy of monetising investments at Earls Court, as it seeks to grow its central London property investment business, centred around Covent Garden, central London.

Completion of the transaction is expected to take place before the end of November 2019, the company noted.

Chief Executive Officer Ian Hawksworth said: "Having prepared Earls Court for future development, we are now pleased to have agreed terms for the sale of our interests to APG and Delancey (on behalf of its client fund), an experienced real estate investment partnership which, with the support of Transport for London will take forward this important scheme for London.

The stock closed up 2.2% at 268.30 pence in London on Friday, with Johannesburg shares ending up 1.5% at ZAR50.19 each.

By Arvind Bhunjun; arvindbhunjun@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Capital & Counties Properties PLC 151.95 GBX -7.60 -

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