London property firms Shaftesbury and Capital & Counties to merge

Landlords' deal creates company with combined portfolio value of 5bn in heart of West End

The West End landlords Shaftesbury and Capital & Counties have agreed to merge, creating a property company with a combined portfolio value of 5bn in the heart of London.

It will be called Shaftesbury Capital, and own swaths of London's West End, including Covent Garden, Carnaby Street, Chinatown and Soho. Shaftesbury shareholders will own 53% of the group while Capital & Counties (Capco) investors will own 43%.