COMMERCIAL PROPERTY
Landlord Capco expands Covent Garden footprint
Capco has sought to reposition Covent Garden as a premier shopping and entertainment destination
London-focused property company Capital & Counties Properties (Capco) has increased its footprint in Covent Garden, acquiring a long leasehold interest for R1.4bn (£79m) before purchaser’s costs. The company said the dual-frontage property at 14-17 Long Acre and 27b Floral Street generated yearly rental income of R61m (£3.4m) across 4,000m², with 60% of the income from retail space. "The purchase of this property is in line with Capco’s strategy of acquiring prime assets at Covent Garden that offer the opportunity to create value," said Capco Covent Garden director Michelle McGrath. "This acquisition expands our footprint in the area and further consolidates our presence on Floral Street where recent signings include Kent & Curwen and The Shop at Bluebird." Capco was responsible for the management and curation of 102,193m² of space at Covent Garden at the end of June 2017. This constituted 68% of its portfolio, or R43bn (£2.4bn). The share price was, however, hit by Brexit creating ...
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