Top bosses at Covent Garden estate owner Capital & Counties Properties (Capco) and Shaftesbury will be awarded millions in shares after the merger between the two companies is completed.
Capco’s top brass will receive shares amounting to £7.4 million while Shaftesbury’s senior executives will receive shares worth £5.3 million.
The £3.5bn merger will see the West End landlords bring together the vast majority of London’s theatre heartland under one company, titled Shaftesbury Capital, encompassing 2.9m sq ft of the capital.
Details of the merger mean that Ian Hawksworth, boss of Capco and incoming chief of the new firm, is set to receive some 2.35m shares, worth £3.5m at the time of writing, and finance director Situl Jobanputra will be awarded some £2.3m in shares.
Bosses will be required to hold onto the shares for two years, according to a report in The Sunday Times.
The share awards vest automatically when the deal is completed, Capco and Shaftesbury’s remuneration policies state.