CAPCO strong valuation contributes to 14.4% NAV increase

Posted On Tuesday, 30 July 2013 19:49 Published by Commercial Property News
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Capital and Counties Properties (Capco‚ CCO) said today that strong valuation results for the first half of 2013 contributed to a 14.4% increase in EPRA (European Public Real Estate) adjusted‚ diluted net asset value per share to 232 pence‚ from 203 pence at end December 2012.

Ian Hawksworth CAPCOThis 29 pence increase together with the 1 pence dividend paid in June represents a total return of 15% in the period‚ it said.

EPRA earnings is the profit after taxation excluding investment property revaluations and gains/losses on disposals‚ intangible asset movements and their related taxation.

Underlying earnings per share amounted to 0.6 pence from 1.8 pence at end December 2012.

Both yield compression and ERV (estimated rental value) growth at Covent Garden increased the value of the estate by 13.9%‚ the result of a strong Central London retail market for which there is limited supply and increased residential sales values being achieved in prime locations.

The value of the group's existing land interests at Earls Court has increased by 12.7% as a result of the positive milestones achieved in the planning and land assembly process‚ as well as the strong conditions in the central London residential market‚ the company said.

In respect of the group's Earls Court leasehold interests‚ Jones Lang LaSalle‚ the group's external valuers at Earls Court‚ has attributed a land value of GBP18.4 million per acre which compares to £14.8 million at end December 2012.

The company has proposed an interim dividend of 0.5 pence per share.

Ian Hawksworth‚ Chief Executive of Capco commented: "We have seen strong progress at Capco in the first half of 2013 which has delivered excellent total returns for our shareholders. Value has grown at Covent Garden through the creative asset management strategy‚ with a number of key lettings in the period including Dior and the opening of Shake Shack.

"The outline planning process for the Earls Court Masterplan is nearly complete following the Mayor of London's endorsement‚ and the land assembly is well advanced with the acquisition of Empress State and the recent progress with Transport for London‚" he added.

Last modified on Tuesday, 30 July 2013 20:04

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