THABANG MOKOPANELE

CAPITAL & Counties (Capco), the UK-focused property group spun off from Liberty International, continues to implement asset management opportunities while considering ways to expand the assets in its crown jewel, Covent Garden in London’s West End, for long-term value enhancement.

CEO Ian Hawksworth said yesterday the transformation of Covent Garden into one of the most vibrant retail and leisure destinations in London continued to create value and attract new brands. He said last year the group had enhanced Covent Garden through a series of tenancy changes and acquisitions.

“This expansion was supported by the successful equity issue in May last year which raised £100m, together with a £300m refinancing in November,” Mr Hawksworth said.

The London- and Johannesburg-listed group has acquired a number of properties in the Covent Garden area for £110m, including Kings Court (a portfolio that includes five properties bridging King Street and Floral Street), 35 King Street, 11 James Street and, through a £19m property swap, One South Piazza.

The acquisitions extend the overall ownership to 52 buildings, 326 lettable units and more than 76000m², with the overall estate valued at £780m in June last year. Mr Hawksworth said the proposals for the Earls Court master plan had reached several milestones, in particular the launch of Sir Terry Farrell’s master plan and the submission of planning applications for Seagrave Road and the wider scheme.

“These illustrate Capco’s vision for Earls Court, which has been formally identified in the mayor’s London Plan as an opportunity area with the capacity for large-scale development.

“Last month a resolution to grant planning consent for Seagrave Road was received, which followed the agreement of a conditional joint venture in relation to the site with the Chinese Kwok family interests in December,” he said.

Mr Hawksworth said the group’s immediate priorities for the Earls Court master plan were to secure planning consents across the wider area, and to conclude the commercial transactions with the Borough of Hammersmith & Fulham and Transport for London.

Source: Business Day