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Delancey leading race to bag Capco's London residential scheme

Delancey Real Estate Asset Management Ltd. is leading the race to acquire Capital & Counties Properties PLC residential scheme in Earls Court, London, Property Week reported.

A source close to Capco's CEO, Ian Hawksworth, said Delancey had until early November to strike a deal to buy the west London property. The source added that talks were based on a bid of roughly £400 million, way below its £803 million value in 2015.

The potential deal might derail the possible acquisition of the London-based property company by Candy Ventures and Saudi Arabia's Public Investment Fund, the publication reported.

Hawksworth is understood to prefer pursuing Delancey's bid for Earls Court and will pour the proceeds into Capco's £2.6 billion Covent Garden portfolio rather than sell the whole business.

A deal with Delancey would mean Capco would no longer need to pursue demerger plans for the business that have been in the pipeline since May 2018, the publication said.