Luxury Developer Candy May Bid for Massive Swath of London Land - Bloomberg:
A group led by luxury property developer Nicholas Candy is considering making an offer for Capital & Counties Properties Plc, whose stock has cratered amid London prime real esate’s longest slump in decades.
Capco’s shares rose 8% in London on Monday, valuing the firm at 2.3 billion pounds ($2.8 billion). The stock had lost nearly half its value from its 2015 peak before today’s gains as the company struggled to find buyers for its holdings in the Earls Court district of London.
Candy has held early stage talks with Saudi Arabia’s Public Investment Fund about a joint move to take over CapCo, the Sunday Times reported over the weekend. Nicholas and his brother Christian are the developers responsible for the Qatari-backed luxury One Hyde Park apartments in London’s Belgravia neighborhood.
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