Capital & Counties Properties Plc (Capco) is a real estate company focused on central London. Its investment portfolio of £3.4bn gives investors exposure to two distinct property estates in central London, namely the Covent Garden precinct and the mixed-use development and regeneration at the old Earl’s Court Exhibition Centre site. The prime location of its assets remains key for the long-term investment case of the company.Capco’s share price has come under pressure in recent months. Uncertainty about the impact of Brexit has weighed on property values, especially London residential. Other concerns related to the residential market include last year’s increase in stamp duty, a decline in offshore buyers, and an increase in broader supply into the market and a change in the tax deductibility of interest cost against rental income earned for buy-to-let investments. Since Capco’s demerger from the then Liberty International in 2010, management has worked hard to actively enhance the ...

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