Shaftesbury-Capco merger talks continue but deadline is extended
It looks like an announcement of a definite merger between two giant London landlords — Shaftesbury and Capco — could be some way off with a deadline extension being announced on Monday.
The two property giants own vast tracts of London, including Covent Garden, Seven Dials, Soho and Carnaby and the ‘merger’ would be constructed as a purchase of Shaftesbury by Capco.
The neighbourhoods they control are home to a vast array of fashion, sports and beauty brand stores.
When they confirmed that they were in advanced merger talks earlier this month, the deadline to either announce a firm offer or to walk away was 4 June.
That deadline has now been extended to 17 June but could also be extended further, we’re told.
The companies continued to stress that “there can be no certainty that any offer will be made” and a further announcement will be made “in due course”.
If the deal does happen, it will create an even bigger property giant in one of the world’s key shopping cities and will also see major management change with veteran leaders retiring and the merged company being run by Capco’s CEO and Shaftesbury’s chairman.
The combined portfolio of the merged companies would cover around 1.8 million square feet of retail and hospitality space, plus office and residential accommodation of around 1.1 million square feet.
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