Highlights
Strong valuation performance
9.5 per cent increase in EPRA adjusted, diluted NAV to 272 pence per share (Dec 2013: 249 pence)
7.5 per cent (like-for-like) increase in total property market value to £2.6 billion (Dec 2013: £2.3 billion)
9.9 per cent total return in the period
Proposed interim 2014 dividend of 0.5 pence per share
Value growth through rigorous asset management and investment activity at Covent Garden
Total property market value of £1.3 billion up 6.2 per cent (like-for-like) (Dec 2013: £1.2 billion)
4.2 per cent (like-for-like) growth in ERV to £65.7 million
Adjusted ERV target of £85 million by December 2016 following acquisition activity
£76 million cash invested in acquisitions enhancing presence on the estate
Value creation through achievement of key milestones at Earls Court
Market value of Earls Court interests £1.1 billion, up 10.1 per cent (like-for-like) (Dec 2013: £0.9 billion)
Earls Court Partnership, the venture with TfL in relation to EC1 & EC2 established (Capco share 63 per cent)
Detailed planning consents granted for Earls Court Village and the Empress State Building
Positive pricing evidence of £1,400 – £1,500 per square foot at Lillie Square
Over 90 per cent of phase 1 reserved or exchanged, including premium units
£130 million (Capco share: £65 million) construction facility completed for Lillie Square
Strong financial position
Group LTV nine per cent (Dec 2013: 15 per cent)
Cash and available facilities of £641 million (Dec 2013: £287 million)
9.99 per cent equity placing raised £258 million to accelerate value creation at Covent Garden and Earls Court
£665 million unsecured revolving credit facility completed for Covent Garden
