Coffer Corporate Leisure Advises on Sale of interest in Earls Court and Olympia.
February 9, 2010
Coffer Corporate Leisure is pleased to have provided advice in respect of the sale of a substantial interest in west London landmark conference and exhibition centre Earls Court and Olympia to Capital & Counties, a Liberty International subsidiary.
The deal gives Capital & Counties 100% ownership of EC&O and will allow the company to push forward with the plans to create one of the capitals largest mixed-use schemes of up to 17m sq ft.
The EC&O venues, which made an operating profit of around £20m in 2008, was bought for £245m in 2004 by the private entrepreneurs behind St James Capital. A 50% stake was then sold to CapCo in July 2007 with the remaining stake sold in this latest transaction.
EC&O sits at the heart of a 67 acre site, which CapCo reportedly plans to develop along with fellow stakeholders, Transport for London and Hammersmith & Fulham council.
It is proposing as much as 6m sq ft of offices, 10,000 homes, 600,000 sq ft of shops, 700,000 sq ft of hotels and 540,000 sq ft of leisure.
CapCo plans to redevelop the Earls Court exhibition centre itself as houses, after it has hosted the 2012 Olympics volleyball tournament.
Olympia, which sits outside the regeneration zone, would be redeveloped as the centrepiece of the exhibitions business.