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Deals & Dealmakers

Madison International buys slice of British developer

Madison International Realty has acquired a 3.12 percent stake in Capital & Counties Properties PLC (Capco) on behalf of clients, and now holds approximately 26.5 million shares.

Capco, which specialises in central London real estate, manages two landmark London estates at Covent Garden and Earls Court.

RONALD DICKERMAN

“Covent Garden is an iconic central London estate which continues to deliver rental and reversionary growth, demonstrating the resilience of prime central London retail, despite wider political uncertainty,” said Ronald Dickerman, Madison’s Founder and President.

“Equally, Earls Court is a fully consented 77 acre scheme that has the potential to deliver as many as 7,500 homes into a supply constrained marketplace and offices that will bring approximately 10,000 jobs to the area, as well as 7.5 acres of planned green space, representing a once in a life time opportunity to redevelop a piece of prime London real estate.

“We are fully supportive of the Company’s strategic plans to demerge Covent Garden and Earls Court into separate entities as a means of unlocking the inherent value of each, particularly given their different investment profiles. We also recognize the turbulence created by the UK political climate and the impact on CapCo’s share performance.

“The acquisition of this stake in CapCo fits well with Madison’s differentiated strategy of undertaking investments in listed property companies owning prime quality portfolios that we believe are trading at outsized discounts to NAV.”

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