Delancey and APG JV complete $549m acquisition

Delancey, on behalf of its client fund, and APG, on behalf of its pension fund clients, have completed the acquisition of Capital & Counties Properties Plc interests in the Earls Court development site for £425 million ($549 million).

Transport for London’s (TfL) interests in the project remain the same, and it will work alongside the joint venture to deliver one of the most important mixed-use developments in London.

In parallel with the completion of the purchase, Delancey’s first action with Stephen Cowan, the leader of the London Borough of Hammersmith & Fulham has been to terminate the conditional land sale agreement between Capco entities and LBHF and to return land to the Council that formed part of the previous Earls Court masterplan, including the West Kensington and Gibbs Green housing estates.

The Earls Court site comprises over 25 acres of land that formally housed the Earls Court Exhibition Centers. It sits within the boroughs of Ha