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.

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

Recommended

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

Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
Will a second wave of Covid lead to another stockmarket crash?
Stockmarkets

Will a second wave of Covid lead to another stockmarket crash?

Can we expect to see another lockdown like in March, and what will that mean for your money? John Stepek explains.
18 Sep 2020
Central banks want politicians to take charge – but what will they do?
US Economy

Central banks want politicians to take charge – but what will they do?

The US Federal Reserve has come to the end of the road in terms of what it can do to accelerate any recovery, says John Stepek. It's over to the polit…
17 Sep 2020