Capital & Counties Properties (Capco) has completed the sale of the Empress State Building on its controversial Earl’s Court scheme for £250m, as tipped by Property Week last month.
The Mayor’s Office for Policing and Crime (MOPAC), the long-term occupier of the building under a lease due to expire in June 2019, has bought the 451,000 sq ft building.
The proceeds from the sale will be used for general corporate purposes including investment in Capco’s central London estates as well as to “take advantage of opportunities as they arise”. The sale has resulted in a reduction in Capco’s loan to value ratio from 21% to 15%.
Ian Hawksworth, chief executive of Capco, said: “We are pleased to announce the sale of the Empress State Building in line with our strategy of realising value at Earls Court over time. The sale enables Capco, as a strategic long-term investor in London, to support The Mayor’s Office for Policing and Crime in achieving its objectives and to continue our strong working relationship with the GLA.”
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