INVESTORS who bought Capital & Counties Properties (Capco) shares when the London-focused arm of then Liberty International was demerged into a separate listing in May 2010 continue to be handsomely rewarded.At the time, many South African investors climbed out of Capco as the general view then was that Liberty International’s shopping centre business, now known as Intu Properties, would be the better bet.But Capco, which owns two key precincts in central London — shop, eat and live hub Covent Garden and the Earls Court residential estate — has outperformed Intu by far, delivering a return of more than 400% to South African investors since its 2010 listing.Wednesday’s set of strong results for the year ending December again underlines why Capco has become one of the JSE’s most popular rand hedge contenders. Management continues to unlock value for shareholders, particularly at Covent Garden — where rentals are up an impressive 12% for the year ending December as major retail brands ...
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