Capital & Counties (Capco), which owns two of the UK’s most iconic real estate assets, is considering splitting into two businesses, having given up on its two-pronged strategy. For years, Capco tried to get retail-centred Covent Garden and residential asset Earls Court to perform in tandem, but the residential estate has been beset with challenges and has lagged what is a retail champion. "The board of Capital & Counties Properties announces it is considering a demerger, which would result in two separately listed businesses based around its prime central London estates, each with its own distinct investment prospects," the group said. The group said the first business will be Covent Garden, "a world-class destination in the heart of central London", which was valued at more than £2.5bn at December 31 2017. It would be launched as an independent, prime central London retail-focused real estate investment trust, led by current Capco CEO Ian Hawksworth. The second business will be a ...
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