The London and JSE-listed group had cash and other facilities of £458m as at September 30, well up on the £248m available at June 30, while the pro forma debt to assets ratio was at 9%, much improved from 24% at the end of the interim stage.

Mr Hawksworth said there was scope to unlock value at the group’s crown jewel, Covent Garden in the West End of London, through continued investment in the district, expansion of the portfolio through acquisitions and new retailer and restaurant lettings.

An equity placing last month raised £149m to fund further growth, and more than £60m was invested in Covent Garden since July through new acquisitions on Wellington Street, Floral Street and Henrietta Street.

The company’s share rose 1% or 23c to R32,43 per share on the JSE by midday on Wednesday, broadly in line with gains in the listed property sector.

The disposal of assets in The Great Capital Partnership, a partnership with Great Portland Estates, and the recycling of capital back into the core business continued with the sales of 100 Regent Street and Regent Arcade House in September releasing £56m. This followed the sale of the Jermyn Street Estate in July for £60m.

The final asset in China had been contracted for sale and cash proceeds in line with the June market value of £5m were expected by year end.

"Key milestones have been reached for the Earls Court Masterplan, including the London Borough of Hammersmith & Fulham’s positive planning decision announced in September, and we look forward to reporting further progress at the year-end results," said Mr Hawksworth.

Another milestone was the completion of the joint venture agreement for Seagrave Road, releasing £68m cash to the group.

Work on the site to create 808 homes and a new garden square was expected to start next year.

The EC&O Venues business performed in line with expectations, with 57% of budgeted business already contracted for next year.