Investors await details of how Capital and Counties will split
The net asset value of the owner of Earl's Court and Covent Garden remained intact in the year to December
UK-based Capital and Counties (Capco) managed to shrug off much of the effects of uncertainty around the Brexit process in the year to December, with the value of its assets dropping only slightly. The company, which owns the iconic Covent Garden and Earl’s Court, saw its net asset value per share fall only 2.4% in the reporting period, from 334p to 326p, results showed on Wednesday. This was while the likes of UK and Spanish shopping centre owner Intu Properties saw its portfoliolose 24% over the same period, according to results released last week. Capco CEO Ian Hawksworth said the group’s performance was driven by strong trading at Covent Garden. Despite this, net rental income slipped from £66.2m for the year to December 2017 to £63.5m for the year to December 2018. Earl’s Court, where Capco is building 92,903m² of housing, saw its perceived value fall from £800m to £650m as uncertainty around the Brexit process persisted. Capco has been poorly rated by analysts because of delay...
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