According to West Ken Gibbs Green Community Homes action group chairman Keith Drew, Capital & Counties Properties Plc is in talks with Saudi Arabian conglomerate Olayan Group to sell two estates in its Earls Court estate for £500 million, Property Week reported.
The action group has been opposing Capital and Counties' plan to redevelop 760 existing homes within the scheme since 2009, according to the Dec. 19 report. The group insists Olayan Group is in talks for the deal and is being advised by Chelsfield, the report noted.
However, a source close to Capital and Counties was cited in the report as saying that the company is not in negotiations for the sale of the estates. Olayan Group and Chelsfield did not respond to the publication's requests for comment.
In a letter to Olayan Group CEO Robert Leary and chairman Aziz Syriani, Drew reiterated that any potential buyer of the estates would have to face sustained opposition to development plans, the report noted.
In November, Capital and Counties confirmed that it was in negotiations with the London Borough of Hammersmith & Fulham over a revised masterplan for the scheme.
The company was also reportedly in talks to sell the estates to an unnamed Chinese billionaire in recent months, but the discussions fell through, the report noted, citing Jonathan Rosenberg, a spokesman for the action group.