(Reuters) – British real estate firms Capital & Counties Properties and Shaftesbury Plc said they were in advanced talks on a merger that would bring such London tourist destinations as Covent Garden and Soho under one umbrella.

Shaftesbury would be the majority owner of 53% while Capco shareholders will hold the remaining, according to a statement released by the companies on Saturday.

Now they have provided a valuation for the deal. Sky News stated that the combined businesses will have a value of 3.5 billion pounds ($4.3billion).

According to the companies, the merger will create an investment trust in real estate that focuses on London’s West End. It would have a portfolio totaling 2.9 million square foot (270,000 sq metres). “In high-profile locations such as Covent Garden and Carnaby,” they said.

The merger was supported by the sovereign wealth fund of Norway, which is a shareholder in both businesses, they stated.

This deal could be made as London recovers from the pandemic lows, and travelers get on board planes again with an easing COVID-19 quarantine rule after almost two years.

Capco purchased a 26.3% stake from Samuel Tak Lee, a Hong Kong tycoon for 436million pounds ($538million) when major British property transactions were in limbo during the 2020 pandemic.

Capco’s boss Ian Hawksworth will lead the trust, while Jonathan Nicholls would sit as chair. Brian Bickell who was CEO at Shaftesbury since 2001, will be retiring upon the completion of merger.

Evercore and Blackdown Partners are advising the Shaftesbury board, and Rothschild & Co is advising Capco, the statement said.

($1 = 0.8106 pounds)