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Capital & Counties considers demerger, chairman steps down

U.K.-based Capital & Counties Properties PLC is contemplating dividing the company into two separately listed businesses that will be based around its prime central London estates.

The company plans to bring its properties in Covent Garden under an independent, prime central London retail-focused real estate investment trust that will be spearheaded by Capital & Counties CEO Ian Hawksworth. The assets at Covent Garden are independently valued at above £2.5 billion as of Dec. 31, 2017.

Additionally, Capital & Counties aims to establish a development company centered around the Earls Court masterplan, where its share of property interests was independently valued at £759 million as at Dec. 31, 2017.

The proposed demerger would be formalized by 2018-end, according to a company release.

In light of the potential demerger, Chairman Ian Durant tendered his resignation after eight years in the role. Senior Independent Director Henry Staunton will take over, effective June 5, while Gerry Murphy will replace Staunton as audit committee chairman and senior independent director.

Charlotte Boyle will serve as remuneration committee chairman and audit committee member, while Staunton will chair the nomination committee.

Staunton also chairs the board of WH Smith PLC and Phoenix Group Holdings, from which he is expected to retire in August.