UK property Group Capital & Counties (CapCo) confirmed on Monday that it is conducting a strategic review of its venues business which could lead to the sale of its Olympia exhibition centre in west London.
UK property Group Capital & Counties (CapCo) confirmed on Monday that it is conducting a strategic review of its venues business which could lead to the sale of its Olympia exhibition centre in west London.
'Following the successful transition of shows from the former Earls Court Exhibition Centres and a major refurbishment programme, Capco confirms that it is conducting a strategic review which may or may not lead to a sale of its Venues business,' the company said in a statement.
CapCo is believed to have hired agents at CBRE and investment bank Rothschild to explore options for the venue, which is expected to fetch around 拢300 mln (鈧�420 mln), according to UK press reports.
CapCo's Venues business performed ahead of expectations in 2014 reporting Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) of 拢11.1 mln for the year. Its valuation was up 27.6% to 拢211 mln on a like-for-like basis, according to the company's 2014 full-year financial report.
Olympia first opened in 1886 as the National Agricultural Hall with the aim of hosting agricultural shows. Capco took control of the site five years ago after buying an initial 50% stake in EC&O Venues (Earls Court and Olympia Group) in 2007.
The deal valued the company at approximately 鈧�560 mln.
