Commenting on the update, Ian Hawksworth, Chief Executive of Capco, said:“Capco has had a positive and active start to 2015. At Covent Garden, we have signed new brands, Stefanel and Mariage Frères to King Street and expanded our estate further on Bedford Street, a key access point onto the estate. The Earls Court Masterplan is moving forward. Demolition of EC1 & EC2 is progressing well and completion of ECPL, the investment vehicle with TfL has occurred with the granting of new 999 year leases over the site. Construction of Lillie Square to create an exciting new address in central London continues, with first completions on track for 2016. We are in a strong financial position with a conservative LTV of 13 per cent and over £600 million in cash and available facilities.”
Capco says Covent Garden is on track to achieve ERV target of £100 million by 2017, representing an underlying annualised growth rate of circa 10 per cent. Capital & Counties Properties PLC is one of the largest investment and development property companies that specialises in central London real estate and is a constituent of the FTSE-250 Index.
Capco’s landmark London estates are valued at £3.0 billion as at 31 December 2014. Covent Garden, which has assets valued at £1.6 billion including the historic Market Building; and Earls Court Properties including the Empress State Building together with the Venues business with aggregate property assets of £1.4 billion.
The company is listed on the London Stock Exchange and the Johannesburg Stock Exchange.
