Capital & Counties announces 14% full-year increase in total property values

By Alistair Anderson

SA and UK-listed Capital and Counties’ (CCO‚ Capco) diluted net asset value grew to 361p per share at the end of 2015 from 311p at the end of 2014‚ the company said on Wednesday.

Capco is the UK-based owner of the iconic London assets Earls Court and Covent Garden shopping centres. The group enjoyed a 17% total return for the year. The company's total property value rose 14% like for like from £3.7bn. A final 2015 dividend of 1p per share was declared bringing the full-year dividend to 1.5p per share.

Capco chairman Ian Durant said: “Capco has delivered strong results in 2015. Covent Garden and Earls Court have experienced a very active year and milestones have been reached at both of these unique estates. We remain confident in the strength of our assets and are well-positioned to continue to deliver long-term value creation for our shareholders.”

Avior Capital equity analyst Adrian Jardine said he expected more South African funds to seek new business abroad given how successful companies such as Capco had been.

“Listed funds see prospects for better risk-adjusted returns on a three-to-five-year view through offshore‚ primarily developed market investment than local investments‚" Mr Jardine said.

andersona@bdlive.co.za

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