Capco property valuation slips as Brexit concerns continue to weigh
Capital & Counties Properties (Capco) said on Wednesday that the total value of its property portfolio dropped 0.4% to £3.3bn in the six months to June, from a year ago. The UK-based property group, which has suffered collateral damage because of uncertainty around Brexit, has Covent Garden and Earls Court Properties, which it considers the crown jewels in its portfolio. Capco is evaluating a possible splitting, which will result in the two assets being separately listed. While the value of Covent Garden increased 1.6% to £2.6bn in the review period, the valuation of Earls Court dropped 7% to £706.6m. Capco said in a statement that uncertainties in the broader political and economic environment continued to affect sentiment around London’s residential property.
The value of the company’s shares has not been able to recover from Brexit, whose shape is yet to be known. The price collapsed from R77.55 to R49.80 on JSE. Net rental income was up 11% to £28.3m on a like-for-like bas...
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