TIDMCAPC
RNS Number : 2341Q
Capital & Counties Properties Plc
28 November 2016
28 November 2016
CAPITAL & COUNTIES PROPERTIES PLC ("Capco")
TRADING UPDATE
Capco today publishes a trading update for the period 1 July
2016 to 28 November 2016.
Ian Hawksworth, Chief Executive of Capco, commented:
"Our leasing activity at Covent Garden over the period has been
positive and the estate remains on course to achieve its ERV target
of GBP100 million by December 2017. Whilst 2016 has been
characterised by uncertainty in the London market, we have
continued to introduce excellent brands, set new rental tones and
seen the successful transformation of the Royal Opera House Arcade.
We have also expanded our estate further on Southampton Street, a
key access point to the Piazza.
At Earls Court, we continue to de-risk our land holdings and
have completed the first phase of demolition of the former Earls
Court Exhibition Centres to ground level. Construction of Phase 1
at Lillie Square nears completion and we are on track to welcome
our first residents in the coming weeks.
Capco is in a strong financial position with a conservative LTV
of 20 per cent and over GBP500 million in cash and available
facilities."
Covent Garden:
Driving rental growth through creative asset management,
strategic investment and placemaking
-- 2016 to date has set a new record for leasing activity with
84 leases transacted representing GBP11.2 million of income
-- Over the period, the leasing market has continued to be very
active with new leases and renewals representing GBP2.0 million of
income signed at levels ahead of 30 June 2016 ERV. A number of
further transactions are under offer and the estate remains on
track to achieve its ERV target of GBP100 million by December
2017
-- British brand Hotel Chocolat is the latest new signing to the
Market Building and sets a new Zone A rental level of GBP650 per
square foot
-- Henrietta Street continues to strengthen its retail offer
following the new signing of luxury men's shoe brand Cheaney and
award-winning British hair stylist, Kevin Luchmun, who will open
shortly
-- Mulberry and The Watch Gallery stores have opened following
the successful transformation of the Royal Opera House Arcade with
a luxury accessories and gifting focus
-- Continued expansion of Capco's footprint on the estate
following the acquisition of Tower House, 10 Southampton Street for
GBP67.5 million (excluding purchaser's costs)
-- Construction of Kings Court & Carriage Hall progressing
well and on track for completion in 2017
Earls Court Properties:
Driving value creation through planning, land assembly, land
enablement and selective development
-- The first phase of demolition of the former Earls Court
Exhibition Centres to ground level has completed on schedule.
Demolition to basement level will commence shortly, further
de-risking the site and enabling the land for future development.
This final phase of demolition is expected to take 12 months at a
cost of circa GBP40 million
-- Construction of Phase 1 of Lillie Square nears completion and
the business is preparing to welcome its first residents in the
coming weeks. Sales of Phase 2 apartments continue with 50
apartments now reserved or exchanged and enquiry levels remain
positive. Pricing continues to be at a premium to Phase 1 and the
recent sales are in line with previously achieved prices in Phase
2.
Venues:
-- Olympia London continues to see good demand and recent shows
include The Spirit of Christmas Fair and The Luxury Travel Fair
Strong financial position
-- Conservative loan-to-value of 20 per cent and liquidity of
GBP528 million (pro forma adjusted(1) ) as at 30 September 2016
-- GBP175 million US private placement of 10 and 12 year senior
unsecured notes at a weighted average fixed rate coupon of 2.3 per
cent, providing strong financial flexibility to the Group
All figures quoted above are adjusted to include Capco's share
of joint ventures and its 63 per cent interest in Earls Court
Partnership Limited.
(1 Pro forma adjusted for proceeds from GBP175 million US
private placement and acquisition of Tower House, 10 Southampton
Street GBP67.5 million)
Enquiries
Capital & Counties Properties PLC:
Ian Hawksworth Chief Executive +44 (0)20 3214 9188
Soumen Das Chief Financial Officer +44 (0)20 3214 9183
Director of IR & Investment,
Michelle McGrath Covent Garden +44 (0)20 7297 6093
Media enquiries:
Director of Communications
Sarah Hagan & Marketing +44 (0)20 3214 9185
UK: Tulchan Susanna Voyle +44 (0)20 7353 4200
SA: Instinctif Frederic Cornet +27 (0) 11 447 3030
This announcement includes statements that are forward-looking
in nature. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Capital & Counties
Properties PLC to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Any information contained in this
announcement on the price at which shares or other securities in
Capital & Counties Properties PLC have been bought or sold in
the past, or on the yield on such shares or other securities,
should not be relied upon as a guide to future performance.
About Capital & Counties Properties PLC (Capco):
Capital & Counties Properties PLC is one of the largest
investment and development property companies that specialises in
central London real estate and is a constituent of the FTSE-250
Index. Capco holds assets valued at GBP3.6 billion (as at 30 June
2016) in two landmark London estates: Covent Garden, which has
assets valued at GBP2.1 billion including the historic Market
Building, and Earls Court Properties including the Empress State
Building together with the Venues business amounting to aggregate
property assets of GBP1.5 billion. The company is listed on the
London Stock Exchange and the Johannesburg Stock Exchange.
www.capitalandcounties.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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