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UK's Capco buys Hong Kong tycoon's stake in Shaftesbury for £436m

[BENGALURU] British property manager Capital & Counties Properties said on Monday it had sealed the purchase of Hong Kong tycoon Samuel Tak Lee's 26.3 per cent stake in central London rival Shaftesbury for £436 million (S$760.5 million).

The stake is being bought from Veloqx, a trust fund set up by Tak Lee, for 540 pence per share, a discount of 13.9 per cent to the closing share price of Shaftesbury on Friday.

Major British property deals have all but come to a halt as the coronavirus spurred mass halts in rental payments by retailers and other business and cast doubt on both current and future valuations of buildings and portfolios.

Covent Garden owner Capco said the deal for 64.4 million shares, representing a 20.9 per cent stake in Shaftesbury, will be completed on June 2 and a subsequent tranche of 16.3 million shares will be bought for £88 million in cash.

Rothschild & Co was the lead financial adviser and sponsor to Capco on the deal.

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Separately, Shaftesbury said Tak Lee has withdrawn all legal proceedings over allegations and claims related to a 2017 share placement conducted by the company.

Capco shares rose 1.7 per cent to 166.2 pence in early trade, while Shaftesbury fell 2.7 per cent to 610 pence following the deal news.


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