Capital and Counties Properties has active start to year

Posted On Monday, 06 May 2013 07:26 Published by Commercial Property News
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UK property company Capital & Counties Properties has had an active start to the year reflecting the positive conditions in the central London retail and residential property markets and the quality of its portfolio.

Ian Hawksworth CAPCOCEO Ian Hawksworth said on Friday that the company’s busy start to the year reflected the "positive conditions in the central London retail and residential property markets and the quality of the group’s portfolio".

The London Stock Exchange-and JSE-listed company, which focuses on retail and residential London property, holds as its main assets Covent Garden, Earls Court and Olympia.

Mr Hawksworth said Capco continued to see strong demand for new space at Covent Garden from retailers and restaurants, "with a number of new signings".

Eight new retailer and restaurant signings were concluded at Covent Garden over the period, and new lettings and renewals were at 10.3% above December’s estimated rental values.

Also at Covent Garden, The Russell, Capco’s second luxury residential conversion, was launched in the period.

The continuing strategy for the estate was to "drive value through creative asset management, acquisitions and strategic development opportunities", according to the company. Occupancy at Covent Garden at the end of March was 99% and the footfall "remains strong at 44-million visitors", the company said.

Mr Hawksworth said the receipt of the secretary of state’s approval for the land agreement with the London Borough of Hammersmith and Fulham "is another major milestone in establishing the Earls Court master plan".

The company said that it had also made progress towards implementation at Lillie Square — which involves a proposed residential scheme on Seagrave Road to create new homes around a public garden square.

At the end of March, the company’s loan-to-value ratio was 12%, while its cash and available facilities totalled £361m, which Capco said translated into a "strong financial position".

The company reported a total return of 23% for its financial year ended December, with 22% growth in adjusted net asset value per share the main contributor to this rise.

Capco’s total property value increased 15% to £1.7bn by the end of the year.

Mr Hawksworth said in February that Capco’s "clear and focused business model and strategy" had delivered strong results last year, "with the continued transformation of Covent Garden and significant planning milestones achieved at Earls Court".

Last modified on Sunday, 19 May 2013 00:01

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