On 22 February 2023, the CMA unconditionally cleared Capco’s acquisition of Shaftsbury after a Phase I review. Capco and Shaftesbury are UK-registered Real Estate Investment Trusts (REITs) and landlords of lettable units in Central London, letting their units out for retail, hospitality/leisure, office, and residential use. The merger will bring together the Parties’ complementary property portfolios, resulting in a mixed-use portfolio of ca. 670 buildings with ca. 2.9 million sq. ft. of lettable space across Covent Garden, Carnaby, Seven Dials, Chinatown, Soho, and Fitzrovia.
Following its investigation, the CMA found no evidence that the merger would lead to a substantial lessening of competition as a result of horizontal unilateral effects.
A CRA team of competition experts supported the Parties and their counsel Herbert Smith Freehills and Hogan Lovells through the transaction.
Further details are available on the CMA’s case page.