Value of Capco’s Earls Court land fell more than 20% by December
Capco was one of the biggest casualties when the UK voted to leave the EU in June 2016, with its shares sliding from R77.55 to R49
On Wednesday, Capital & Counties Properties (Capco) said the land value at Earls Court declined 20.4% to £1.1bn in year to December, thanks to the Brexit vote that weighed on the London residential market. Capco was one of the biggest casualties when the UK voted to leave the EU in June 2016, with its shares sliding from R77.55 to R49. Capco, which is listed in London and the JSE, said value of the other major retail asset, Covent Garden land, rose 6.4% to $2.3bn in the review period from a year ago. "The Covent Garden team continues to focus on achieving rental growth through creative asset management, strategic investment and place-making," the company said in a statement. Net rental income rose to £81.5m from £74.9m in the matching period a year ago. Underlying earnings per share grew 1.4p from 0.9p, the results showed. The stock was up 0.54% in midmorning trade on Wednesday to R49.13 on the JSE, giving the company a market value of R41.47bn. © Business Day
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.