Capital & Counties acquires full stake of Empress State Building
Capital & Counties Properties (Capco) is the sole owner of the Empress State Building after acquiring the remaining 50 per cent stake from Land Securities Group for 117m pounds.
Capital & Counties Properties (Capco) is the sole owner of the Empress State Building after acquiring the remaining 50 per cent stake from Land Securities Group for 117m pounds.
The Empress State Building is a 31-storey office building located adjacent to the Earls Court and West Kensington Opportunity Area in London.
It is fully let to the Mayor's Office for Policing and Crime until June 2019. The current rent passing is £14.9 million. The purchase price represents an initial yield of 6.2% and an equivalent yield of 6.0%.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Opportunities to extend or review the existing lease will be considered. Alternatively, the company said the property may be suitable for a residential conversion in line with the Earls Court Masterplan.
"The Empress State Building provides an attractive income stream until 2019 whilst offering a number of options to create further value over the medium-term as the area benefits from the implementation of the Earls Court Masterplan," said Investment Director of Capco, Gary Yardley.
Shares rose 0.63% to 333.10p at 09:03 Thursday.
RD
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Will “Liberation Day” strike again?
Donald Trump’s 90-day tariff pause comes to an end on 9 July. Can we expect further market turmoil?
-
Israel claims victory in the '12-day war' with Iran
Donald Trump may have announced a ceasefire in the 12-day war between Israel and Iran, but what comes next depends on what happens internally in Iran