“Capco has delivered strong results in 2015. Covent Garden and Earls Court have experienced a very active year and milestones have been reached at both of these unique estates. We remain confident in the strength of our assets and are well-positioned to continue to deliver long-term value creation for our shareholders.”
Ian Hawksworth, Chief Executive of Capco, commented:
“These results demonstrate another strong year of performance at Capco, particularly at Covent Garden. Retailer demand for prime locations in London is positive and brands are attracted to the retail and customer experience we have created at Covent Garden. It has been our most active year of leasing, signing our 100th brand, a milestone which reflects the transformation of the estate and Covent Garden’s increasing importance in global ‘street retail’. We achieved new rental levels in 2015 and remain on course to achieve our ERV target of £100 million by December 2017″.
“Our plans at Earls Court continue to advance as we de-risk our land holdings and progress with the implementation and opportunities of this strategic London scheme. The demolition of EC1 & EC2 is progressing well while construction of Phase 1 of Lillie Square is on track. Whilst we expect increasing uncertainty reflecting global and political challenges, our strategy at Capco remains clear and focused. London’s economic prospects remain strong and its population continues to grow. Backed by a robust capital structure, with a conservative LTV of 16 per cent, our prime assets are well positioned for long-term performance. We enter a new year with clear objectives to drive value creation for our shareholders from our two exceptional estates.”
Read more here: CAPCO Press Release December 2015 Final