CAPITAL & Counties Properties (Capco), the owner of iconic London landmark Covent Garden, has staged a mini-recovery since May 16 with the share price rising 10%. The company also owns Earls Court, a huge new housing development in central London.Capco, which was one of the JSE’s best-performing rand hedge stocks last year, with a return of 53%, shed 30% of its value between January 2 and April 20.Analysts ascribe the slide in Capco’s share price largely to Britain’s potential exit from the EU, about which a referendum is set for June 23. Other UK-biased property stocks, including Intu Properties, MAS Real Estate and Redefine International, have also recorded noticeable losses in the year to date. That compares with an overall 10% increase in the SA listed property index over the same time.The sell-down of London-focused Capco has been more pronounced than some of its peers because of the cooling in the British capital city’s housing market.However, renewed rand volatility and the l...
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