Wrap Text
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)
JSE code: CCO
ISIN: GB00B62G9D36
Capital & Counties Properties PLC
1 MAY 2015
CAPITAL & COUNTIES PROPERTIES PLC (“CAPCO”)
TRADING UPDATE
Capco today publishes a trading update for the period to 1 January 2015 to 1 May 2015.
Ian Hawksworth, Chief Executive of Capco, commented:
“Capco has had a positive and active start to 2015. At Covent Garden, we have signed new brands,
Stefanel and Mariage Frères to King Street and expanded our estate further on Bedford Street, a key
access point onto the estate. The Earls Court Masterplan is moving forward. Demolition of EC1 &
EC2 is progressing well and completion of ECPL, the investment vehicle with TfL has occurred with
the granting of new 999 year leases over the site. Construction of Lillie Square to create an exciting
new address in central London continues, with first completions on track for 2016.
We are in a strong financial position with a conservative LTV of 13 per cent and over £600 million in
cash and available facilities.”
Covent Garden:
Supporting rental growth through granular asset management, strategic investment and
placemaking
- On track to achieve ERV target of £100 million by 2017, representing an underlying annualised
growth rate of circa 10 per cent
- Leasing momentum on King Street expanding the contemporary luxury and dining offering
– French tea-house, Mariage Frères, will open its first UK stand-alone store
– Italian brand, Stefanel, has opened its latest store, offering their take on luxury knitwear
- Repositioning of Henrietta Street with a menswear focus and re-invigorated dining offering
continues. Denim store, Edwin, will be opening shortly and Flat Iron has taken up space for its
latest London restaurant
- Continued investment in estate with development of Kings Court & Carriage Hall on track; and
£32 million acquisition of 31-33 Bedford Street, a key access point onto the estate
- Strong demand for luxury developments The Beecham and The Southampton
– A further two apartments under offer at the Beecham and all seven apartments leased at
The Southampton
Earls Court Properties:
Driving value creation through planning, land assembly, land enablement and selective
development
- Demolition of EC1 & EC2 on track and progressing well
- Completion of Earls Court Partnership Limited (“ECPL”), the investment vehicle with TfL in
respect of EC1 & EC2 (Capco share 63 per cent)
- Detailed planning consent for West Brompton Square granted by the Royal Borough of
Kensington and Chelsea
- £7 million of acquisitions around the Masterplan area
- Construction of Phase 1 at Lillie Square continues with completions on track for 2016
Venues:
- A busy calendar at Olympia London, including the Ideal Home Show and International Book Fair
for the first time following the successful transition of activities last year
Strong financial position
- Loan-to-value of 13 per cent (based on 31 December 2014 property values) and liquidity of £603
million
31 March 2015 31 December 2014
Gross debt £474m £457m
Cash balance £77m £105m
Net debt £397m £352m
Liquidity (cash and available facilities) £603m £648m
Property loan-to-value 13% 12%
Weighted average debt maturity 4.8 years 5.1 years
Weighted average cost of debt 3.4% 3.4%
Proportion of gross debt with interest rate protection 92% 94%
As at 31 March 2015, Capco had capital commitments of £242 million.
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.
Enquiries
Capital & Counties Properties PLC:
Ian Hawksworth Chief Executive +44 (0)20 3214 9188
Soumen Das Managing Director & Chief Financial Officer +44 (0)20 3214 9183
Michelle McGrath Director of Investor Relations +44 (0)20 7297 6093
Media enquiries:
Sarah Hagan Director of Communications +44 (0)20 3214 9185
UK: Hudson Sandler Michael Sandler, Wendy Baker +44 (0)20 7796 4133
SA: Instinctif Partners Frederic Cornet +27 (0) 11 447 3030
Sponsor:
Merrill Lynch South Africa (Pty) Ltd
This press release 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 press release 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 £3.0 billion (as at 31 December 2014): Covent
Garden, which has assets valued at £1.6 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 £1.4 billion. The company is listed on the London Stock Exchange and the
Johannesburg Stock Exchange.
www.capitalandcounties.com
Date: 04/05/2015 08:44:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
