Big players line up to buy £600m site at Earls Court from Capital & Counties
- Hayrish and Delancey have submitted proposals to buy the West London site
- Other parties that have expressed an interest include CK Asset Holdings and Canary Wharf Group
A property investment company with links to one of America’s most aggressive hedge funds and a vehicle run by the son of one Britain’s best known developers have approached Capital & Counties about buying its Earls Court Exhibition Centre development site.
City sources said Hayrish – which works with Paul Singer’s Elliott Management Corporation – and Delancey, controlled by Jamie Ritblat, son of Sir John Ritblat, have both submitted proposals to buy the West London site.
Other parties that have expressed an interest include CK Asset Holdings – which is ultimately controlled by Li-Ka shing, Asia’s richest man – and Canary Wharf Group.
Capital & Counties has seen the value of Earls Court scheme collapse over the past five years
Capital & Counties, the FTSE 250-listed property group, has seen the value of its Earls Court scheme collapse over the past five years amid declining demand for luxury property and opposition from residents of nearby estates.
Reports suggest the site’s value fell 11.5 per cent in the six months to the end of June to £599million.
Capital & Counties plans to proceed with a demerger of the company into two separate listed businesses – Covent Garden and Earls Court.
However, some sources said this was not the best outcome for Capital & Counties but the group had decided to pursue this route because its advisers at NM Rothschild had persuaded the board to follow the demerger option.
Capital & Counties, Elliott Management Corporation and Delancey declined to comment. Hayrish did not return calls for comment.