Capco bags Tower House
Management aims to increase footprint in London’s Covent Garden area
London-focused property company Capital & Counties Properties (Capco) has acquired the freehold interest of Tower House in the Covent Garden precinct for R1.1bn (£65m) before purchaser’s costs. Capco already owns the Covent Garden development wherein Tower House is located and Earls Court, a large tract of undeveloped land that the company plans to turn into one of the largest new residential suburbs in London. Covent Garden lies on the eastern fringes of London’s West End, between St Martin’s and Drury lanes. Capco is responsible for the management and curation of more than 92,903m² of space at Covent Garden valued at £2.1bn as at the end of June. Tower House has been bought from Derwent London. The property is a substantial corner building located at the junction of Southampton and Tavistock streets with views towards the Piazza. The company’s share price closed at R46.69 on Monday, meaning it has lost nearly 52% year to date. However, analysts recently said Covent Garden was a st...
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