Property mogul Nick Candy mulling takeover of Earl’s Court owner Capital & Counties
- Nick Candy is part of a consortium eyeing up a takeover bid for Capco
- The property tycoon developed One Hyde Park with his brother Christian
- He confirmed that there ‘can be no certainty’ that a bid will be made
Nick Candy – the spouse of pop singer Holly Valance – is part of a consortium eyeing a Capco takeover
Property tycoon Nick Candy – the spouse of pop singer Holly Valance – has confirmed that he is part of a consortium mulling a takeover bid for Earl’s Court owner Capital & Counties (Capco).
The mogul’s investment vehicle, Candy Ventures, said ‘it is in the early stages of considering a possible cash offer’ for the FTSE 250 business following reports over the weekend.
Candy, who co-developed the exclusive One Hyde Park, is reportedly in contact with Saudi Arabia’s Public Investment Fund over the deal.
He said there ‘can be no certainty’ that a bid will be made or what the terms of any offer would be.
Capco, which also owns Covent Garden, has seen its share value tumble almost by half over the past four years.
In July, Capco said it planned to split the business in order to contain the impact of a slide in the value of its Earl’s Court redevelopment project.
The London-focused firm said it would divide its property estate across two separate businesses, Covent Garden London and EC Properties.
The redevelopment of Earl’s Court lost more than 10 per cent of its value in the first six months of 2019 as it was hampered by declining demand for luxury properties and opposition from local authorities.
It has been reported that the split had flushed out bids, including interest from Olympic Village owner Delancey and Canary Wharf Group to snap up Earl’s Court.
Shares in Capital & Counties (Capco) increased by 7.1% to 267.5p in early trading on Monday
The property group has seen its shares surge higher on the back of Candy’s takeover interest.
Shares in the company jumped by 7 per cent to 267.5p in early trading on Monday.