Capital & Counties Properties, a JSE-listed UK property group with a focus on central London, on Tuesday reported a 13 per cent (like-for-like) increase in total property value to £2.1 billion at 30 June 2013, up from £1.7 billion in December 2012
Ian Hawksworth, Chief Executive of Capco commented: “We have seen strong progress at Capco in the first half of 2013 which has delivered excellent total returns for our shareholders. Value has grown at Covent Garden through the creative asset management strategy, with a number of key lettings in the period including Dior and the opening of Shake Shack. The outline planning process for the Earls Court Masterplan is nearly complete following the Mayor of London’s endorsement, and the land assembly is well advanced with the acquisition of Empress State and the recent progress with Transport for London.”
Valuation performance
– 14 per cent increase in EPRA adjusted, diluted NAV to 232 pence per share (Dec 2012: 203 pence)
– 13 per cent (like-for-like) increase in total property value to £2.1 billion (Dec 2012: £1.7 billion)
– Proposed interim 2013 dividend of 0.5 pence per share
– 15 per cent total return in the period
Financial position
– LTV 14% (Dec 2012: 10%)
– Cash and available facilities of £344 million (Dec 2012: £401 million)
– Further capital recycled with contracts exchanged for the sale of the final asset in The Great Capital Partnership
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