SWITCH IN FOCUS
Why Capco sold its Venues business
UK property owner Capital & Counties says it will focus on its residential regeneration project, Earls Court, and retail development Covent Garden
UK property owner Capital & Counties (Capco) has sold its exhibition business, known as Venues, for £296m to focus on its other assets. Capco said on Monday that it would focus on maximising income out of its residential regeneration project, Earls Court, and retail development Covent Garden. The disposal provided an opportunity for cash proceeds, which would be used to repay bank debt, for deployment in Capco’s core central London estates and to take advantage of opportunities as they arose. Venues comprises Olympia London and other property assets. It has been sold to a consortium of German institutional investors, which includes Bayerische Versorgungskammer, the country’s largest manager of public pension schemes investing through a fund managed by Universal-Investment; the Versicherungskammer Bayern Group, which is Germany’s largest public insurer; and DFI European Value Add Fund. The consortium was advised by investment firm Deutsche Finance International and Yoo Capital as UK ...
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