Capco reports 'strong valuation performance'

London-focused Capital & Counties Properties (Capco) on Tuesday reported a “strong valuation performance” for its year ended December‚ with a 22% rise in its adjusted diluted net asset value to 249p per share.

Capco chairman Ian Durant said: “This was another year of significant performance for Capco.

“Our focus on London and our strong financial position will enable us to build on the momentum and continue to deliver market-leading total returns for our shareholders from both our landmark estates‚” Mr Durant said.

The property developer and owner reported a 20% increase in total property value to £2.3bn on a like-for-like basis.

Its proposed final 2013 dividend of 1p per share gave a full-year dividend of 1.5p per share. Capco’s total return for the year was 23%.

CE Ian Hawksworth said Capco’s “creative place-making strategy” at Covent Garden had established the estate “as a world-class retail and dining destination”.

At Earls Court‚ where Capco was developing a new mixed-use node in London‚ a number of major planning and land assembly milestones‚ including the receipt of outline planning consent for the Masterplan‚ “have enabled us to drive further momentum as we progress this exciting scheme”.

The total property value of Covent Garden grew 19% on a like-for-like basis to £1.16bn. Capco’s Earls Court interests were valued at £934m at the end of the year‚ up 25%.

Mr Durant said London continued to thrive as a global city and this remained attractive to investors.

“As we begin 2014‚ macroeconomic conditions appear to be improving‚ but we must not be complacent and we will continue to focus on the delivery of Capco’s strategy.

“I am confident that this clear strategy‚ with its focus on London‚ and Capco's strong financial position will enable the company to capitalise on the momentum of 2013 and continue to deliver attractive returns for shareholders‚ while embarking on exciting place-making initiatives at both of our landmark estates‚” he said.

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