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Report: CapCo holds off £300M sale of venues unit


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Report: CapCo holds off £300M sale of venues unit

Capital &Counties Properties Plc has withdrawn its plans for anapproximately £300 million sale of its venues , Bloomberg News reported,citing two people with knowledge of the matter.

The business includes the Olympia exhibition center in west London.The company decided not to move forward with the disposal before the Brexitvote as it intends to retain the rent generated by the business, the peopletold the news outlet.

However, the company will consider a sale of the business inthe medium term, according to the one of the sources.

In November 2015, CapCo hired CBRE agents and Rothschildinvestment bankers to market the exhibition center as well as an adjacent sitewith permission for a hotel with a 90-unit residential component.

The events business was valued at £295 million in 2015 on alike-for-like basis, with its EBITDA rising 33% to £15 million, according toCapCo's annual report. More than 200 events were held at Olympia with over 1.5million visitors during the period.

Meanwhile, The(U.K.) Sunday Times reported thatExane BNP Paribas expects CapCo to trim the value of , a southwest London luxuryhomes project by as much as 15% following the referendum.