Capco, which focuses on retail and residential London property, reported a total return of 23% for the period, with 22% growth in adjusted net asset value per share the main contributor to this rise.

CEO Ian Hawksworth said Capco's "clear and focused business model and strategy has delivered strong results in 2012 with the continued transformation of Covent Garden and significant planning milestones achieved at Earls Court".

The company had "maintained the pace of capital recycling", which underpinned its strong balance sheet and conservative leverage, Mr Hawksworth said.

Capco reported a proposed final dividend for the year ended December of 1p per share, translating to a full-year dividend of 1.5p per share, unchanged from the previous year.

The company's property loan-to-value ratio reduced to 10% over the period, from 29% previously.

The increase in adjusted net asset value per share was driven by the rise in valuation of Capco's assets. The company's total property value increased by 15% to £1.7bn over the period.

Since taking ownership in 2006 of Covent Garden, more than 50 new brands had opened in the Covent Garden area "making it one of London's most vibrant estates", Capco said. The Covent Garden estate represents 55% of the property portfolio by value.

The property value of Covent Garden was £952m, up 7.2% on a like-for-like basis, reflecting rental growth as well as the continued strong demand for prime assets from a wide range of investors, Capco said.

Fourteen new retailer and restaurant signings were completed during the year, including Chanel and Jo Malone.

Meanwhile, Earls Court's valuation rose by 57.6% over the period on a like-for-like basis to £336m. "The Earls Court and Seagrave Road land interests experienced a significant valuation increase due to the positive momentum of each project as well as the strong central London residential market," the company said.

Mr Hawksworth said Capco's strong balance sheet, which allowed it to retain high levels of liquidity alongside conservative gearing ratios, underpinned Capco's estate strategies.