(Reuters) – London’s West End focused commercial landlords Capital & Counties Properties Plc and Shaftesbury Plc are in advanced talks about a 3.5 billion pound ($4.32 billion) merger, Sky News reported on Saturday.

The companies are in detailed discussions about an all-share tie-up that could be announced within weeks, the report said.

As of November, Shaftesbury owned about 600 buildings in the heart of London’s West End, which includes Carnaby Street and Chinatown.

In June 2020, Capital & Counties Properties (Capco) bought a 26.3% stake in Shaftesbury from Hong Kong tycoon Samuel Tak Lee for 436 million pounds ($537.85 million).

Shaftesbury and Capco did not immediately respond to a Reuters request for comment.

($1 = 0.8106 pounds)

(Reporting by Shivam Patel in Bengaluru; Editing by Kirsten Donovan)