Candy eyes bid for London's Covent Garden owner, Capco

UK property developer Nicholas Candy has said his investment fund, Candy Ventures, is considering a cash offer for Capital & Counties Properties (Capco).

London and Johannesburg-listed Capco is the owner of prime London estates including Covent Garden and Earls Court, the former of which it may spin off into a REIT, according to statement from the firm earlier this year.

Capco said there had been 'no approach made to the company by Candy Ventures or any other party', adding that it had recently entered a 'short period of exclusivity' with investment firm Delancey about the possible sale of its Earls Court development in West London.

Capco's ambitious plans to build 7,500 luxury homes in the Earls Court area have driven the firm into conflict with the district's local authority, Hammersmith & Fulham Council.

The council recently said in a report that only '200 private homes have been delivered' to date, adding that 'the project has completely stalled over the last six years, with only demolition of the exhibition centres taking place'.

The Sunday Times reported this weekend that Candy was in early-stage talks with Saudi Arabia's Public Investment Fund about a joint Capco takeover. Capco shares traded up 10% on the JSE in response.

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