Private property company Targetfollow is in advanced talks to buy London’s Earls Court and Olympia exhibition centres for £400m
Property Week understands that the group, led by Ardeshir Naghshineh, has a deal in solicitor’s hands to buy a parent company that owns the twin landmarks.
The vendor is St James Capital, a group owned by entrepreneurs Anthony Lyons, David Coffer and Simon Conway, who would net a £155m profit on Earls Court and Olympia in just two and a half years.
Targetfollow has rapidly built a reputation for successfully asset managing tricky properties like the West End’s Centre Point and Birmingham’s Baskerville House office buildings.
Bank of Scotland is thought to be financing Targetfollow’s bid for Earls Court, and it is understood that the partners see potential to increase value across the twin centres’ 43 acre site.
None of the parties involved would comment.
There is scope for a range of new uses, and although there is speculation that it has met with potential development partners, Targetfollow is expected to develop the site itself.
St James’s Capital had earlier been in talks to sell Earls Court and Olympia to Malaysian entrepreneur Ananda Krishnan for £350m, but these talks broke down in the spring.