Capital & Counties Properties releases a solid set of interim results after a successful expansion into the residential market.

Wednesday, 26 February 2014 13:12

Capco report strong valuation performance

Capco reports a 'strong valuation performance' for its year ended December with a 22% rise in its adjusted diluted net asset value to 249p per share.

Capital and Counties Properties and Transport for London are set to agree terms for a joint venture to bring forward the first phases of the Earls Court Masterplan, following approval to proceed by the TfL board on Wednesday

JSE-listed Capital & Counties Properties says it has made progress regarding the development of its Earls Court Masterplan.

Capital and Counties Properties (Capco‚ CCO) said today that strong valuation results for the first half of 2013 contributed to a 14.4% increase in EPRA (European Public Real Estate) adjusted‚ diluted net asset value per share to 232 pence‚ from 203 pence at end December 2012.

Capital & Counties Properties PLC (“Capco”) and Transport for London (TfL) have agreed to pursue proposals to settle heads of terms for a joint venture to enable the development of Earls Court 1 & 2 in line with the Earls Court Masterplan.

Capital & Counties Properties says that the Great Capital Partnership exchanges contracts on the sale of its last remaining asset, Park Crescent West.

Capco acquires the Empress State Building having exchanged contracts with Land Securities Group for the 50% not already owned for GBP117m.

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.

UK-focused property group Capital & Counties Properties attributes strong performance for the year ended December to increased valuations of assets as the company continued to "unlock value" from its properties.

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