Germans eye deal for Capco’s Olympia centre

London landlord: Capco is in talks to sell Olympia London

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Joanna Hodgson7 April 2017

Landlord Capital & Counties on Friday said it is in “advanced discussions” to sell the historic Olympia exhibition centre to German investors, for a price believed to be close to £300 million.

The FTSE 250 property firm, which owns swathes of Covent Garden and Earl’s Court, said it was close to selling its exhibition business, which includes Olympia London and “certain related property assets”.

It did not give any details about a buyer.

However, sources said Capco is talking to a consortium of German companies, including institutional investors.

If the sale completes, it would mark the latest spend by Germans on London property, after investor WestInvest Gesellschaft and asset manager Deka Immobilien in February forked out £435 million for Facebook’s new Rathbone Square headquarters near Tottenham Court Road station.

Capco said: “There is no certainty that the sale will proceed.”

Liberum analyst David Brockton said: “Any disposal would provide the group with capital to further its large residential development scheme at Earl’s Court.”