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Developer sells part of Earl’s Court scheme for £250m
The developer planning to demolish two former council estates in Earl’s Court has sold part of the scheme.
Capco sold the 31-storey Empress State Building to the current tenant, the Mayor’s Office for Policing and Crime, for £250m.
It has also had political problems, with Hammersmith and Fulham Council calling for the two estates – West Kensington and Gibbs Green – to be returned to the local authority.
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Announcing the sale to the stock market, Capco said it planned to use the funds for “general corporate purposes”, including investment in the other parts of the scheme.
Neal Hudson, director of Residential Analysts, told Inside Housing: “The amount of upfront capital which is required [for this scheme] is quite massive, so I think this probably helps cash flow a little bit. So it’s probably the right decision for them, without knowing the final details.
“It answers some short-term questions for them, but long-term questions over whether the site is going to be able to deliver something that’s needed in the area at the right kind of price remain.”
Ian Hawksworth, chief executive of Capco, said: “We are pleased to announce the sale of the Empress State Building in line with our strategy of realising value at Earl’s Court over time.
“The sale enables Capco, as a strategic long-term investor in London, to support the Mayor’s Office for Policing and Crime in achieving its objectives and to continue our strong working relationship with the [Greater London Authority].”
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