The London-based Capco‚ which is listed on the JSE‚ said on Friday underlying earnings increased to £7.8m from £4.8m a year earlier.

Capco‚ which owns the mixed-use estates Covent Garden and Earls Court in central London‚ declared an interim dividend of 0.5 pence a share.

"At Covent Garden‚ rigorous asset management and tactical investment activity continues to drive value growth and enhance our presence across the estate‚" CEO Ian Hawksworth said.

"The successful launch of Lillie Square has established positive pricing evidence for the area around Earls Court which‚ along with detailed consents and the establishment of the venture with TfL (Transport for London)‚ has created further value from our interests in the area."

Net rental income increased by £5.2m from last year‚ with the acquisition of control of Empress State contributing £3.2m of the increase.

At 9.56am‚ the stock was down 0.74% to R57.62‚ valuing the company at R48.1bn.