- What Gary Yardley to step down as MD and CIO
- Why Preparations are underway for a possible demerger of Covent Garden and Earls Court
- What next Capco’s Earls Court investments will be led by Mike Hood
Gary Yardley, managing director & chief investment officer of Capital & Counties Properties, is to leave the company at the end of the month.
Capco said Yardley will also step down from the board on 30 June 2019, adding that the roles will not be directly replaced.
The company’s Earls Court investments will be led by Mike Hood, group development director,who has been appointed as managing director, Earls Court, as preparations advance for a possible demerger.
Hood joined Capco in 2011, has operational responsibility for Earls Court, including the development management activities of the ventures with TfL, KFI and Network Rail, and has helped deliver major projects, such as Lillie Square.
Yardley said: “Capco is a special company with a remarkable investment portfolio and dedicated people. I am proud of the success we have achieved at Capco and in particular of the exciting and unique opportunity we have created at Earls Court, a project of significant vision and ambition.
“I wish Ian, my colleagues and the business every success for the future, as I take some time out to focus on my other interests and improving my health.”
Yesterday, it emerged that Canary Wharf Group had entered into talks to buy a majority stake in Capco’s Earls Court.
Any deal would create a solution for Capco, which has been struggling with the collapsed valuation of the site and has been looking to undertake a demerger to unlock value.
According to a statement made by the company at the end of last month, its joint venture partner Transport for London’s valuation of the site implied Capco’ stake was £412m. This was a 10.5% drop since the end of last year.n May last year Capco announced that it was considering demerging its Earls Court project and its Covent Garden estate. However, the plans have stalled as prospective buyers have circled Earls Court, including CK Asset Holdings.
The Earls Court masterplan is one of the largest development projects in London. It will include 7,500 flats.
Henry Staunton, Chairman, said this morning: “Gary is an exceptionally talented real estate professional and has made an enormous contribution to creating one of the most important development opportunities in London. We are sorry to see him depart the company and thank him for his extraordinary efforts over the past 12 years, wishing him good health and success in the years to come.”
Ian Hawksworth, Chief Executive, added: “Gary has shown commitment and enthusiasm to both the business and its people and I would like to extend my personal thanks to him for his significant contribution. We wish him well in his future plans, both personal and professional. Gary has developed a talented and experienced team at Earls Court and under Mike’s leadership they will ensure we remain focused on executing our strategy to maximise the potential of this unique London investment as we prepare for a separation of Covent Garden and Earls Court.”
