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HNA venture said to bid for CapCo's $375 million London venue

People & Companies / Latest News

England

Apr 06 2017

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Jack Sidders, Bloomberg

HNA Group Co., the Chinese conglomerate that last month purchased a stake in Deutsche Bank AG, is in talks to acquire the Olympia exhibition center in west London from Capital & Counties Properties Plc, according to three people with knowledge of the matter.

HNA has teamed up Bugsby Property LLC to offer more than 300 million pounds ($375 million) for CapCo’s venues unit, which owns the property, the people said. They asked not to be identified because the information is private. A separate bid from a group including Yoo Capital Ltd. and a German company is also being considered, the people said.

Spokesmen for CapCo, Bugsby and Yoo Capital declined to comment. HNA didn’t immediately respond to a request for comment.

CapCo, which owns large parts of the Covent Garden district in central London, began exploring a sale of the venues unit in 2015. The company put the plan on hold before the U.K. voted to leave the European Union last year. CapCo transferred events to Olympia from the Earls Court exhibition center, which is being demolished to make way for a housing project.

The value of the events business fell 1 percent to 293 million pounds in 2016, according to the company’s annual report. The unit generated earnings of 19 million pounds, the report showed.

SOURCE: Bloomberg

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