Capital & Counties’ net asset value per share rose by 6.8% to 177p in the six months to 30 June, thanks to the strong valuation performance of its portfolio.
Total property value rose by 4.5% to £1.6bn during the period. The company’s £856m Covent Garden portfolio performed well, with a 4.5% growth in valuation. New lettings increased by 9.4% during the first half of the year, with new retailers including Jo Malone, Melissa Shoes and Brasserie Blanc taking space.
Capco reported a conservative loan-to-value ratio of 24%, compared with 29% at the end of December 2011. The company has been working to reduce debt, trimming £37m in the first half of the year to bring total debt down to £397m.
Capco chief executive Ian Hawksworth said: “This is another strong set of results from Capco as we work to unlock value from our prime central London assets. The creative regeneration of Covent Garden is driving growth, there is positive momentum at Earls Court and Seagrave Road, and our successful recycling of capital gives us a strong balance sheet and the ability to capitalise on future opportunities across our estates.”
sophia.furber@estatesgazette.com
