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Trading Update
Capital & Counties Properties PLC
(Incorporated and registered in the United Kingdom and Wales with
registration Number 07145041 and registered in South Africa as an
external company with Registration Number 2010/003387/10)
ISIN: GB00B62G9D36
JSE code: CCO
6 May 2016
CAPITAL & COUNTIES PROPERTIES PLC (“CAPCO”)
TRADING UPDATE
Capco today publishes a trading update for the period 1 January 2016 to 6
May 2016.
Ian Hawksworth, Chief Executive of Capco, commented:
“Our strategy to deliver value creation from our two central London estates
continues. Covent Garden remains on track to achieve an ERV of £100 million
by December 2017. The quality of leasing activity has resulted in positive
momentum across the estate, introducing premium brands and dining concepts
such as The Watch Gallery and VyTA. The development of Kings Court is on
track and will kick-start the placemaking opportunity on Floral Street.
Demolition to ground level at Earls Court continues on plan with completion
on track for the end of this year. Construction of Lillie Square is
progressing well and the first homes will complete later in the year as we
welcome our first residents. Sales of Phase 2 of Lillie Square have
continued with a notable increase in enquiries since the start of the year
in this well-connected central London scheme.
The balance sheet is robust with a conservative LTV of 18 per cent.”
Covent Garden:
Driving rental growth through asset management, strategic investment and
placemaking
- On track to achieve ERV target of £100 million by December 2017; since
the beginning of the year, 37 new lettings have been signed representing
£4.5 million of passing rent
- In line with the strategy to reposition the Royal Opera House Arcade
with a luxury accessories and gifting focus, a new lease has been agreed
with fine watch boutique, The Watch Gallery, where circa 50 per cent of
the store will be dedicated to Rolex
- The quality and variety of dining on the estate continues to strengthen
following a letting to VyTA Santa Margherita in The Market Building. The
Italian restaurant is a UK first and is renowned for its high quality
ingredients and selection of wines. This further builds upon the success
of dining across the estate following recent lettings to SushiSamba and
Aubaine
- British brand Albam is the latest new signing to Henrietta Street,
reflecting the success of the street’s strategy to refocus on menswear,
which is now home to seven menswear brands
- Construction of Kings Court is progressing well with positive interest
from brands for the development which is on track for completion in 2017
Earls Court Properties:
Driving value creation through planning, land assembly, land enablement and
selective development
- Demolition of the former Earls Court Exhibition Centres to ground level
is on track for completion in the second half of this year de-risking
this part of the scheme
- Construction of Phase 1 at Lillie Square continues on plan and first
completions are expected in the second half of 2016
- Phase 2 sales at Lillie Square continue and since the last update on 24
February 2016, 9 units have been reserved or exchanged. Of the first
release of 70 units for sale in Phase 2, 37 have been reserved or
exchanged in total at values approximately 5 per cent higher than
comparable units in Phase 1
o Over £300 million of sales to date have been achieved across the
Lillie Square scheme
Venues:
- Olympia London has had an excellent start to 2016 with over 40 events
held, including established shows such as the Ideal Home Show and The
London Book Fair, reflecting its excellent prospects as a central London
venue
Strong financial position
- Loan-to-value of 18 per cent (based on 31 December 2015 property values)
and over £450 million of liquidity. Weighted average cost of debt 2.8
per cent
Enquiries
Capital & Counties Properties PLC:
Ian Hawksworth Chief Executive +44 (0)20 3214 9188
Soumen Das Managing Director & Chief +44 (0)20 3214 9183
Financial Officer
Michelle McGrath Director of Investor Relations +44 (0)20 7297 6093
Media enquiries:
Sarah Hagan Director of Communications & +44 (0)20 3214 9185
Marketing
UK: Tulchan Susanna Voyle +44 (0)20 7353 4200
SA: Instinctif Frederic Cornet +27 (0) 11 447 3030
Partners
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’s landmark London
estates are valued at £3.7 billion (as at 31 December 2015): Covent Garden,
which has assets valued at £2.0 billion including the historic Market
Building; and Earls Court Properties including the Empress State Building
together with the Venues business with aggregate property assets of £1.7
billion. The company is listed on the London Stock Exchange and the
Johannesburg Stock Exchange.
www.capitalandcounties.com
Sponsor:
Merrill Lynch South Africa (Pty) Limited
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