Capco has exchanged contracts for the sale of its interests in Earls Court, excluding Lillie Square, to APG and Delancey (on behalf of its client fund) for £425 million.
This transaction is consistent with Capco’s strategy of monetising investments at Earls Court over time with a focus on growing its central London property investment business, centred around Covent Garden. Completion of the transaction is expected to take place before the end of November 2019.
The disposal to APG and Delancey’s client fund is for total consideration of £425 million, on a cash-free and debt-free basis which compares to a balance sheet value at 30 June 2019 of £508 million.
Payments will be made to Capco on a phased basis, with 45 per cent payable on completion and the balance over two years. Net proceeds from the initial payment are expected to be approximately £156 million (adjusting for net debt, transaction-related costs and other completion items). The balance of £211 million will be payable in two equal instalments,12 months and 24 months after completion.
On a pro forma basis as at 30 June 2019 following the disposal, Capco’s loan to value is reduced from 19 per cent to 15 per cent with cash and undrawn facilities of over £900 million. This position will be enhanced further as deferred consideration is received. Net proceeds will be used to repay debt where appropriate or held as cash balances pending redeployment.
Ian Hawksworth, Chief Executive of Capco, commented: “Having prepared Earls Court for future development, we are now pleased to have agreed terms for the sale of our interests to APG and Delancey (on behalf of its client fund), an experienced real estate investment partnership which, with the support of TfL will take forward this important scheme for London.
Following the disposal, Capco will be a strongly-capitalised property investment business centred around our landmark Covent Garden estate. The business is well-positioned to generate attractive long-term returns for shareholders. Backed by a strong balance sheet and with a significant investment pipeline, our access to substantial liquidity will enable us to capitalise on opportunities.”
17/11/2019 09:57 by Buildington
Following the successful completion of the final phase of the demolition of the former Earls Court Exhibition Centres in January 2018, the land is now available for development.
Capco, together with its partner TfL, is seeking to optimise the value of the ECPL land which has the flexibility to be brought forward through the introduction of third-party capital and selective development across various uses.
With the land now available for development, there is ongoing interest from potential partners and end-users for various parts of the site. Earls Court has the ability to evolve with the needs of London and benefits from excellent existing transport links, making it attractive for multiple and mixed-uses, including residential of different forms and tenures, offices, leisure and retail, as well as potentially education, cultural and other uses.
Source: CAPCO Interim Results for the six months ended 30 June 2018 capitalandcounties.com
25/07/2018 13:50 by Buildington
The final phase of demolition of the former Earls Court Exhibition Centres successfully completed on schedule in January 2018, reports CAPCO.
The heavy lifting crane successfully completed the lift of 61 concrete portal beams out from over the London Underground lines. Removal of the large portal beams, which supported
the weight of the former Earls Court Exhibition Centres, concludes the complex demolition works, in preparation for future development, which has the flexibility to be brought forward through the introduction of third-party capital over time.
Via Capital and Counties Properties Plc. Preliminary results for the year ending 31 December 2017.
21/02/2018 14:17 by Buildington
The heavy lifting crane, London’s largest crane, is now ready to begin work on site at Earls Court.
Demolition of the former exhibition centres to ground level is complete after two years of intensive work on site, managed by Capco’s construction partner, Keltbray. The crane is the most visible part of the important site preparation that will take place throughout 2017 to prepare the site for future construction.
The heavy lifting crane (technical name: AL.SK190 crane) is an industry-leading innovation and was designed and manufactured by specialist engineering firm, ALE. The crane will carefully lift 61 ‘portal beams’ out from over the London Underground lines that lie below the former exhibition centres. The large concrete beams supported the weight of the exhibition centre and need to be removed to enable development on site.
The smallest beam is 80 tonnes with the largest beam weighing 1,500 tonnes, the same as 118 London buses. This crane was specifically chosen as the optimum engineering solution and the method has been designed to minimise the impact on local residents, to help reduce the carbon footprint of the project and will significantly shorten the project timescales.
The crane is 120m high which is more than twice the height of Nelson’s Column and is the largest capacity lifting crane ever to be used in London. The crane will operate only on the Earls Court site and will not oversail any of the nearby properties.
Speaking about the progress on the site, Mike Hood, Group Development Director, Capco said: “We are making good progress at Earls Court to prepare the site for future development. The heavy lifting crane is the most visible part of this work and will be part of the London skyline for the next year. We know there is huge interest in the crane and we are encouraging people to visit the Earls Court Project Rooms for our monthly open day to find out more.”
David Rowe, Technical Manager for Keltbray, the specialist contractor overseeing the site works at Earls Court added: “By utilising this crane and lifting method, disruption is minimised and the crane’s high capacity and precision lifting technology will reduce the overall project timescale considerably. With the successful demolition of the former exhibition centres last year the lifting of the large portal beams is the next big task at Earls Court as we prepare the site for construction. The project team has worked tirelessly to ensure the most appropriate technology was chosen and implemented in order to minimise disruption to our neighbours.”
Giovanni Alders, Sales Manager, Global Projects Division for ALE said: “Operationally, this crane can perform lifts previously unachievable and reinforces the innovation seen throughout the whole project. We are looking forward to progressing with the project and executing the first lift.”
The first lifts will take place in late March 2017. The lifting of the portal beams will occur overnight in ‘engineering hours’ after the last District Line train has passed through the tunnels underneath the beams. Work is expected to conclude by the end of 2017 when the crane will be dismantled and leave Earls Court.
Capco’s exhibition and consultation space, The Earls Court Project Rooms (16-18 Empress Place, SW6 1TT - Nearest tube: West Brompton) are open the second Saturday of each month from 10am-4pm and give visitors the chance to learn more about the heavy lifting crane and the Earls Court development.
22/03/2017 15:16 by Buildington
CAPCO update for Earls Court site:
- Earls Court interests have been valued at £1.1 billion, a decrease of 20 per cent (like-for-like) from £1.4 billion in 2015.
2. Completion of first phase of demolition of EC1 & EC2; final phase of demolition underway, preparing the site for future development.
3. Representations submitted to GLA’s London Plan to enhance the Earls Court Masterplan.
Source: CAPCO Audited preliminary results for the year ended December 2016.
22/02/2017 11:18 by Buildington
The Royal Borough of Kensington and Chelsea has granted detailed planning consent for the new Exhibition Square, part of Sir Terry Farrell’s consented Masterplan for Earls Court.
The Exhibition Square plans will create an important gateway to the Earls Court scheme and its new high street, including a public square and gardens, a signature hotel, offices and an entrance to Earls Court Underground station.
Exhibition Square is the latest part of the consented Earls Court Masterplan to receive detailed consent. The detailed designs were brought forward for consultation by Earls Court Partnership Limited, the joint venture between Capco and Transport for London, in summer 2016. Outline consent for the Earls Court Masterplan was granted in 2013.
The Exhibition Square plans (139,000 sq ft) include two buildings designed by architect KPF creating 69,000 sq ft of hotel and 62,000 sq ft of office space. Exhibition Square offers 3000m² of open public realm at the start of a new High Street that will connect North End Road in the west to Warwick Road in the east. The adjacent Exhibition Square Gardens create 1300m² of green space and generous public frontage off Warwick Road. A new Underground station entrance will also be provided, connecting the development directly with Earls Court Underground Station.
Mike Hood, Group Development Director, Earls Court commented:
“Earls Court is the most important regeneration site in London and the last two years have seen significant investment and remarkable progress. Our detailed plans for Exhibition Square would provide an important gateway to the scheme and mean that the entirety of Earls Court Village, the first of four new urban villages at Earls Court, has received full detailed consent.”
Capco is currently holding a second round of consultation on proposals for a 400-home development at Empress Place. Details can be found on the website www.myearlscourt.com
27/01/2017 16:07 by Buildington
Earls Court Exhibition Centre site now moves to enabling works that will prepare for the construction of new homes and London’s first new park in decades, reports CAPCO.
The Heavy Lifting Crane – London’s largest crane - is now arriving at Earls Court to carefully lift the portal beams out from over the London Underground lines that run under the former exhibition centre site. This method has been designed to minimise the impact on local residents, to help reduce the carbon footprint of the project and will significantly shorten the project timescales. The crane is 110m high, the same size as the Empress State Building, the tallest building in West London, the length of a football pitch and is more than twice the height of Nelson’s Column.
Speaking about the progress on the site, Gary Yardley, Chief Investment Officer, Capco said:
“Earls Court is the most important regeneration site in London and the last two years have seen significant investment and remarkable progress. The demolition of the exhibition centres is complete and our first residents of Lillie Square can now call Earls Court home. We would like to thank local people for their ongoing support during the works as we bring forward our plans to deliver new homes, jobs and a thriving part of London.
“We now move into a new chapter at Earls Court as the Heavy Lifting Crane is installed to allow the all-important site preparation work to take place. The progress and momentum continues and we look forward to working with our partners Transport for London and other stakeholders to discuss how the Masterplan can grow and evolve in line with London’s needs.”
Source: CAPCO 22.12.2016
23/12/2016 10:24 by Buildington
The first phase of demolition of the former Earls Court Exhibition Centres to ground level has completed on schedule, reports Capco.
Demolition to basement level will commence shortly, further de-risking the site and enabling the land for future development. This final phase of demolition is expected to take 12 months at a cost of circa £40 million.
Source: Capco trading update for the period 1 July 2016 to 28 November 2016 capitalandcounties.com
28/11/2016 14:51 by Buildington
The complex demolition of the former Exhibition Centres began in December 2014 and is progressing well. Demolition to ground level of the EC2 building is now complete and demolition to ground level for the entire site is on track for completion
later this year at an expected cost of £60 million. Following this, demolition to basement level will further de-risk the site and enable the land for future development. This final phase of demolition (not currently committed) is expected to take 12 months at a cost of £30 - £40 million.
Source: Capital & Counties Properties Plc Interim Results for the six months ended 30 June 2016
26/07/2016 12:40 by Buildington
Demolition of the former Earls Court Exhibition Centres to ground level is on track for completion in the second half of this year.
Source: Capital and Counties, TRADING UPDATE FOR THE PERIOD 1 JANUARY TO 6 MAY 2016.
14/05/2016 17:48 by Buildington
Demolition of former exhibition centres underway and progressing well, reports CAPCO.
Source: Capital and Counties, Interim Results for the Six Months Ended 30 June 2015
30/07/2015 10:07 by Buildington
The final show at Earls Court will be held on 13 December 2014.
Over 80% of shows have contracted to move from Earls Court to Olympia London.
08/11/2014 20:06 by Buildington
The plans to redevelop 77 acres of land in Earl's Court were approved by the Mayor of London, Boris Johnson last week.
The £8 billion scheme will result in a new urban quarter spanning the Royal Borough of Kensington and Chelsea and Hammersmith & Fulham. It will provide some 7,500 new homes, plus new retail units and new community and cultural facilities. It is also expected to generate 36,000 construction jobs over the 20-year building period and 9,000 to 10,000 permanent jobs.
Mayor Boris Johnson described the scheme as a "landmark project" that will "provide a massive boost not just to this part of the Capital, but to London's wider economy as well."
Based on a masterplan by architects Terry Farrell & Partners, the project was passed to the Mayor for final consent after being given the go-ahead in 2012 by both the Royal Borough of Kensington and Chelsea and Hammersmith & Fulham.
"Redeveloping Earl's Court to provide much needed housing and other uses has been our policy for many years," said the Royal Borough's Cabinet Member for Planning, Cllr Tim Coleridge.
"On both sides of the border we hope that the granting of this planning application will make Earl's Court a more desirable place to live with less congestion and more opportunity for work, commerce and leisure."
As well as new homes, shops and community facilities the scheme includes plans for a new school, health centre, a new park and public squares. In addition it will deliver improvements to Earl's Court, West Kensington and West Brompton Tube stations plus and a wide range of other transport and streetscape enhancements.
Source: The Royal Borough of Kensington and Chelsea www.rbkc.gov.uk 4. July 2013
08/07/2013 16:54 by Buildington
Watch the London Assembly meeting Tuesday 29 November 2011 about Neighbourhood planning + Earl's Court redevelopment. From approx 11:30am The Committee will receive a briefing from GLA planning officers and Karim Halwagi, Chief Executive of the Association of Event Organisers, about proposals for the Earl’s Court and West Kensington Opportunity Area.
Link to live webcast (and archives): http://www.london.gov.uk/who-runs-london/the-london-assembly/webcasts
25/11/2011 18:33 by Buildington
EC Properties Ltd has submitted planning applications for the redevelopment of the main Earl’s Court site, one to the Royal Borough of Kensington and Chelsea (RBKC) and one to London Borough of Hammersmith and Fulham (LBHF). Together, these applications are seeking outline planning permission for the redevelopment of the site which includes the Earl’s Court Exhibition Centres, Lillie Bridge Road Rail Depot and the West Kensington and Gibbs Green Housing Estates.
This will be subject to a round of public consultation from 22 August to 30 September. Further information regarding the proposed development can be viewed on the Earl's Court Application page http://www.rbkc.gov.uk/planningandconservation/planningapplications/e arlscourtapplication.aspx.
20/08/2011 02:31 by Buildington
Ideal Home Show takes place at Earls Court from 11-27 March. The multi-award winning Ideal Home Show, Britain's best loved home show, returns to Earls Court for its 103rd year.
This year's show brings together 600 quality exhibitors from across the UK for the ultimate shopping experience for all areas of the home. The show combines Eight shows in One: ideal Interiors, ideal Home Improvement, ideal Gardens, ideal Food & Housewares, ideal Gadgets, ideal Shopping, ideal Woman and the ideal Show Homes. There's everything from interiors, DIY, gardens, fine food, gadgets, pampering as well as celebrity guest appearances and more features than ever before!
13/03/2011 15:04 by Buildington