29th Jul 2015 07:37
LONDON (Alliance News) - Capital & Counties Properties PLC on Wednesday said it is making progress on its two developments in London as it said its net asset value rose in the first half on the back of an increase in the like-for-like value of its portfolio.
The property developer said its net asset value rose to 342 pence per share in the six months to the end of June, up from 311 pence per share at the end of December. Its total property portfolio value rose by 9% on a like-for-like basis in the half to GBP3.4 billion and the group said its total return for the period was 10%. It will pay an interim dividend of 0.5 pence per share, flat year-on-year.
The group said it is making progress on its two developments in London, in Earl's Court and Lillies Square, with the value of both properties having increased in the half.
"Our two London estates have had a positive and active start to the year. Covent Garden is established as a leading destination for global brands wishing to come to London and demand for the estate across all uses is strong. We are on course to deliver circa 10 per cent underlying annualised rental growth to achieve an ERV target of GBP100 million by December 2017," said Ian Hawksworth, the company's chief executive.
Shares in Capital & Counties were up 1.1% to 451.6 pence in early trade on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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