LONDON (dpa-AFX) - Capital & Counties Properties Plc. (CAPC.L), in an update on proposed demerger of Covent Garden, said that it has substantially finalised preparations for the demerger of its Covent Garden business. The company said its board has determined to continue to work with selected parties towards achieving a sale of Covent Garden.
In late July, the company said it planned to launch Covent Garden as a central London focused REIT through its demerger from the company. The company also confirmed that there had been a broad range of interest in Earls Court but that there was no certainty of a sale being completed.
Capital & Counties said today that there has been progress with parties interested in acquiring the Earls Court business, and certain relevant stakeholders have indicated that selected potential buyers would represent acceptable counterparties. Indicative pricing continues to represent a range of discounts to the balance sheet value. The Board continues to focus on value and deliverability.
If a sale of Earls Court is not progressed satisfactorily, Capital & Counties expects to publish demerger documentation by the end of October 2019.
Copyright RTT News/dpa-AFX
© 2019 AFX News
