Transport for London and Capital & Counties have today agreed to settle heads of terms for the redevelopment of two freehold exhibition centres as part of the Earls Court masterplan.
The two assets, known as Earls Court 1 and 2, in SW5, are owned by TfL. CapCo is the leaseholder.
CapCo and TfL will establish a joint venture which will own a 999-year lease over the two sites, and expect that the ownership will be split 63% to CapCo and 37% to TfL.
CapCo will be the exclusive development manager under the jv.
Today’s decision is still subject to approval by both the boards of TfL and Capital & Counties.
Mayor Boris Johnson approved architect Sir Terry Farrell’s masterplan for the Earls Court redevelopment on 4 July.
sophia.furber@estatesgazette.com
