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CapCo expects Earls Court land sale within months
posted on: 16/5/2012 10:04:28
Earls Court property developer Capital and Counties (CapCo) claims its agreement to acquire London Borough of Hammersmith and Fulham (LBHF)’s land within the site is expected within months.
In an interim management statement for 1 January to 15 May 2012, CapCo confirmed the two parties expect to enter into an agreement at a full Cabinet meeting in coming months. This will be based on a Conditional Land Sale Agreement published in April and approved at LBHF’s public meeting on 23 April.
A spokesperson for the residents group told EN it expected to make an announcement on its ongoing legal action in due course.
Across other business, Earls Court and Olympia Venues (EC&O) performed in line with expectations, despite a reduction in business at Earls Court. Commercial highlights over the last five months included a 25 per cent increase in average visitor spend at this year’s Ideal Home Show in March, as well as a strong performance by Top Drawer in January.
CapCo reported 92.2 per cent of its 2012 budgeted licence fees are currently contracted. The firm has repaid an outstanding £89.5m debt bill on EC&O’s balance sheet out of cash and available facilities.
UBM has moved a step closer towards the acquisition of US organiser Advanstar.
The American firm, valued at US$972 million (£599 million) specialises in fashion, licensing, life sciences and powersports events.