UK landlord Capital & Counties (Capco) says the value of its primary asset, Covent Garden Estate in London, fell 17% in the six months to end-June as Covid-19 battered high-street retail.
Covent Garden was valued at £2.2bn (R46.2bn) at the end of June, a 17% decline from the end of December, with the group saying most of the valuation movement related to the retail, leisure and food & beverage portfolio.
On March 23, a majority of these tenants were forced to close, but the group said it had been proactive in ensuring health and safety, and in assisting tenants with an eye on a recovery.
“Bespoke solutions have been agreed which include rent deferrals, rent-free periods and other arrangements reflecting the position of each customer,” the group said.
In morning trade on Tuesday Capco’s share was down 2.42% to R29.47, having fallen 39% in the year to date.
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