Capital & Counties momentum continues

Central London real estate company Capital & Counties Properties said trading momentum has continued to the year to date after progress at its three London landmarks.

Its Covent Garden estate is performing well, the group said, with scope for further value through continued investment in the district. It is also seeking an expansion of the portfolio through acquisitions and new retailer and restaurant lettings.

The group, which invested over £60m in Covent Garden during the period through new acquisitions on Wellington Street, Floral Street and Henrietta Street, said its ERV target for Covent Garden increased to £60m to £65m by the end of 2015.

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Capital said key milestones have been reached for the Earls Court Masterplan, including LBHF's positive planning decision announced in September.

As at September 30th gross debt fell to £380m from £450m and net debt reduced to £139m from £397m.

Based on June 30 property values, the pro forma debt to asset ratio was 9% compared to 24% at the end of June.

The group reported a cash balance of £242m and available facilities of £216m

"We look forward to reporting further progress at the year-end results," said Chief Executive Ian Hawksworth.

CJ