Advertisement

Capital & Counties acquires full stake of Empress State Building

Capital & Counties Properties (Capco) is the sole owner of the Empress State Building after acquiring the remaining 50 per cent stake from Land Securities Group for 117m pounds.

Capital & Counties Properties (Capco) is the sole owner of the Empress State Building after acquiring the remaining 50 per cent stake from Land Securities Group for 117m pounds.

The Empress State Building is a 31-storey office building located adjacent to the Earls Court and West Kensington Opportunity Area in London.

Advertisement - Article continues below

It is fully let to the Mayor's Office for Policing and Crime until June 2019. The current rent passing is £14.9 million. The purchase price represents an initial yield of 6.2% and an equivalent yield of 6.0%.

Opportunities to extend or review the existing lease will be considered. Alternatively, the company said the property may be suitable for a residential conversion in line with the Earls Court Masterplan.

"The Empress State Building provides an attractive income stream until 2019 whilst offering a number of options to create further value over the medium-term as the area benefits from the implementation of the Earls Court Masterplan," said Investment Director of Capco, Gary Yardley.

Shares rose 0.63% to 333.10p at 09:03 Thursday.

RD

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/economy/inflation/601584/the-end-of-the-bond-bull-market-and-the-return-of-inflation
Inflation

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020
Visit/investments/property/601606/house-prices-crash-uk-property-prices-falling-where-next
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020
Visit/investments/commodities/gold/601587/bullish-gold-price-cup-and-handle-chart-pattern
Gold

This chart pattern could be extraordinarily bullish for gold

The mother of all patterns is developing in the gold charts, says Dominic Frisby. And if everything plays out well, gold could hit a price that invest…
1 Jul 2020