Capital & Counties takes a step towards its Earls Court scheme

Kasmira Jefford
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CAPITAL & Counties said its joint venture with Hong Kong’s Kwok family on part of its Earls Court scheme would be finalised in the coming months as the developer awaits planning permission on the vast £8bn project.

The billionaire Kwok brothers, who are being investigated in Hong Kong on charges of bribery, bought a 50 per cent stake in its Seagrave Road scheme, which will net Capital & Counties £67m on completion of the deal.

Chief executive Ian Hawksworth said the group expected to get outline planning consent for the Earls Court masterplan by the end of the year and to start building in the middle of next year.

In its interim results for the six months to 30 June, Capco reported a 4.8 per cent jump in the value of its property portfolio to £1.6bn, with its net asset value rising 6.8 per cent to 177p a share.

Its Earls Court estate rose 4.6 per cent in value to £620m while its Covent Garden estate climbed 4.5 per cent to £856m in the period.