Capital & Counties saw its net asset value increase by almost 25% from 249p to 311p per share in 2014.
The rise in NAV was helped by a 22% jump in the value of the property portfolio to £3bn from £2.3bn in 2013.
The value of the Covent Garden estate rose by 25% to £1.6bn driven by significant leasing activity and £167m of acquisitions.
Earls Court increased in value by 18% to £1.2bn as demolition of the iconic exhibition centre got under way with consent for the Earls Court Village in place.
Net rental income across CapCo’s holdings was £70.1m, up from £64.8m in 2013.
CapCo remained low-geared across its portfolio, with leverage of just 12%. New credit facilities were raised throughout 2014, however, with £665m in unsecured revolving credit raised to replace an existing facility for the Covent Garden holdings.
In addition, the group issued £150m in 10- and 12-year senior notes in private placements with US institutional investors.
Extra capital also came from a further capital raise in May 2014 of just under 80m shares issued at 340p. This raised £251.7m for future projects.
