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Report: Candy Ventures, Saudi fund considering offer for Capital & Counties

A consortium led by Candy Ventures is in the early stages of considering a potential cash offer for the entire issued and to be issued share capital of Capital & Counties Properties PLC.

The (U.K.) Times reported that Candy is understood to have held early-stage talks with Saudi Arabia's Public Investment Fund to jointly acquire the London-based property company.

Capital & Counties Properties, or CapCo, had been considering a demerger of its Covent Garden London business and launch it as a central London-focused real estate investment trust.

CapCo said Oct. 21 that it had not received any approach by Candy Ventures or any other party. It added that its board had full confidence in the company's strategy and management to continue to deliver significant shareholder value. CapCo said it is well advanced in executing the separation of its two prime central London estates, Covent Garden and Earls Court.

CapCo added that it entered into a short period of exclusivity with an entity established by Delancey on behalf of its client APG related to the possible sale of Earls Court.

Candy Ventures is an investment vehicle of property developer Nicholas Candy.