Commercial Property News

Following it's demerger from Liberty International, Capital & Counties Properties PLC is one of the largest listed investment and development companies in central London. It has three estates in total worth around £1.3 billion, at Covent Garden the globally recognised  retail and leisure destination, valued at £592 million. In Earls Court and Olympia it has a leading exhibition business, EC&O has property assets totalling £443 million, including a share of the Empress State Partnership.  In the Great Capital Partnership,a 50/50 joint venture with Great Portland Estates, the portfolio includes properties in prime locations around Regent Street and Piccadilly worth £270 million.

Capital & Counties today reported it's first set of results, following a return of confidence in the London market,it's portfolio has increased in value by 5.3% in the first half of 2010, due to a mixture of yield shift and rental growth.

Ian Durant, Chairman of Capital & Counties Properties PLC, commented:

"These are the first set of results from Capital & Counties Properties PLC as an independent company following its demerger from Liberty International and its successful listing on the London and Johannesburg Stock Exchanges in May this year. Capco is a specialist central London property company, and I am confident that our entrepreneurial and experienced management team is well placed to unlock the potential of our prime investment properties in strategic locations across the capital."

Capco reported a pre-tax profit of £54.8 million, with a NAV of 138p, up 9% on the proforma NAV at flotation. The firm has cash resources of £187 million.

Capco plans to obtain planning permission to redevelop the Earls Court site, in line with Sir Terry Faarrell's masterplan for the area.