Capital & Counties Properties PLC (Capco) has announced that it has exchanged and completed on the sale of the Empress State Building (“ESB”) for a total cash consideration of £250 million.
ESB has been sold to The Mayor’s Office for Policing and Crime – the long-term occupier of the building under a lease due to expire in June 2019. The property is a 451,000 square foot ,31-storey, office building located in Earl’s Court.
This transaction means that the redevelopment of the Empress State Building into residential units which was approved by Hammersmith and Fulham planners as part of the Earl’s Court masterplan will probably not materialise.
The disposal will enable Capco to realise cash proceeds which 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.
