London property firms merge in €4.1b deal

The West End landlords Shaftesbury and Capital & Counties (Capco) have agreed to a £3.5 billion (€4.1 billion/$4.3 billion) merger, creating a property company with a combined portfolio value of £5 billion (€5.9 billion/$6.2 billion) in London.

The company will be called Shaftesbury Capital.

The portfolio will comprise 670 properties with 2.9 million square feet of leasable space across 2,000 commercial and residential units across Covent Garden, Carnaby, Chinatown and Soho. The combined group’s portfolio comprised of retail representing 35 percent, or £1.7 billion (€2.0 billion/$2.1 billion) of the portfolio value; hospitality and leisure, representing 34 percent, or £1.7 billion (€2.0 billion/$2.1 billion) of the portfolio value; and offices and residential representing 31 percent, or £1.6 billion (€1.9 billion/$2.0 billion) of the portfolio value (split as 14 percent residential and 17 percent offices).

The company will be led by Jonathan