CapCo puts cap out for finance in Hong Kong

Property
developer Capital and Counties (CapCo), owner of the Earls Court
exhibition centre and 27 acres of surrounding land, has confirmed it is in talks with Asian investors about funding
for its residential scheme at Earls Court  scheduled
to begin after the 2012 Olympics have taken place.

CapCo
admitted initial talks had taken place between CapCo and Sun Hung Kai
Properties, a company owned by Hong
Kong’s Hwok family, about funding the 77-acre
redevelopment.

CapCo is
not ruling out the possibility of joint venture deals being struck in order to
develop the site. The Financial Times reports that up to half of the overall
scheme could be up for
sale.

“CapCo regularly reviews its options on how
it may participate in any future redevelopment of Earls
Court if the planning
process is successful,” said a company spokesman. “One such option could be a
joint venture, and the company has received expressions of interest from a
number of parties.

“However at this stage no discussions have progressed
beyond the preliminary stages. There is therefore no certainty that any
transaction would be forthcoming.”

The £71m Seagrove Road
residential scheme is part CapCo’s
wider plans to redevelop Earls
Court, alongside Transport
for London and two local
authorities that also own land at the site.

The master plan for the entire Earls
Court Opportunity Area is expected to be unveiled in March.

”The company
has made good progress to date in advancing the planning application process,”
said a CapCo spokesman.

Do you have a news story for Conference News? Email: pcolston@mashmedia.net

Paul Colston

Author

Paul Colston

Managing Editor, Conference News & Conference & Meetings World.

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