CAPE TOWN - Capital & Counties, the UK-based property group said Thursday that preparations for the demerger of Covent Garden as a central London focused Real Estate Investment Trust were nearly finalised.
In addition, there had also been ä broad range of interest” in Earls Court, but there was no certainty at this stage of a sale being completed. Capco’s unit price was up 1.64 percent to R42.69 on the JSE yesterday morning.
Some of the progress for Earls Court included due diligence and commercial terms and “certain relevant stakeholders have indicated that selected
potential buyers would represent acceptable counterparties.”
The board would continue to work with selected parties to achieve a sale.
“The board believes the separation of the two businesses is in shareholders’ interests.” Further demerger documentation was expected to be published by the end of October 2019, if a sale of Earls Court was not progressed satisfactorily.