Capital & Counties has recorded a 11.6% rise in EPRA adjusted, diluted NAV per share to 166p, for the 12 months to 31 December.
This was largely driven by the positive revaluation of the investment properties, which increased 9.2% on a like-for-like basis to £1.6bn, the company said today.
The developer also posted a 22% jump in pretax profit to £161.9m in 2011, from £132.5m the previous year.
It added that its share price rose by 23% last year, which compares favourably to the 11% fall in the FTSE real estate index.
A final dividend of 1p per share has been proposed by the company directors, bringing the total dividend paid and payable for 2011 to 1.5p per share.
CapCo’s assets are focused around Covent Garden, Earls Court and Olympia, and within its joint venture with Great Portland Estates.
Key milestones include the launch of Sir Terry Farrell’s Earls Court masterplan, and the submission of planning applications for Seagrave Road, where it has now secured planning permission for a 1m sq ft redevelopment, including 808 homes.
The firm also completed £103m disposals from the jv Great Capital Partnership in 2011.
Ian Durant, CapCo’s chairman, said: “Strong total returns were generated by energetic and profitable activity in line with the strategy articulated at the time of establishing CapCo as an independent company in 2010. Carefully targeted acquisitions and the drive towards creative regeneration have established a solid platform from which to continue to create value from CapCo’s assets.”
joanna.bourke@estatesgazette.co
