The two organisations will bring forward the first phases of the £8bn regeneration scheme

Earl's Court at night

Source: Dan Taylor

TfL and Capco have agreed to form a new joint venture to bring forward the first phases of the £8bn regeneration of the Earls Court area of west London.

The two organisations agreed in principle to the joint venture last July and this has now been approved by TfL’s board.

TfL owns the freehold to Earls Court’s two exhibition centres, while Capco is the leaseholder of both sites.

The new joint entity will own 999 year leases over the sites, with ownership split 63% to Capco and 37% to TfL.

The joint venture will employ Capco as development manager to develop out Sir Terry Farrell’s masterplan for the 20 acre area currently occupied by the exhibition centres.

The deal is part of the wider 77 acre scheme, which will create a 7,500-home neighbourhood, along with offices, leisure, hotel and retail space, a primary school, library, an integrated health centre and five-acre public park.