24th Feb 2016 07:50
LONDON (Alliance News) - Capital & Counties Properties PLC on Wednesday reported a 17% total return for 2015, after the value of its property portfolio increased over the year on the back of a particularly strong performance by its Covent Garden assets.
The FTSE 250-listed property company said its net asset value per share rose to 361.0 pence in the year to the end of December, up from 311.0p a year ago.
The value of its property portfolio rose to GBP3.66 billion, up 14% on a like-for-like basis over the year, from GBP3.13 billion at the end of 2014, boosted by the performance by its Covent Garden unit, the value of which grew by 16% on a like-for-like basis to GBP2.00 billion over the year.
Its estimated rental value grew 12% over the year to GBP86 million and the group said it was on track to achieve its estimates rental value guidance of GBP100.0 million by December 2017.
The group proposed a final dividend of 1.0p per share, giving a full-year dividend of 1.5p per share, in line with last year.
"Whilst we expect increasing uncertainty reflecting global and political challenges, our strategy at Capital & Counties remains clear and focused. London's economic prospects remain strong and its population continues to grow. Backed by a robust capital structure, with a conservative loan-to-value of 16 per cent, our prime assets are well positioned for long-term performance," said Chief Executive Ian Hawksworth.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
CAPC.L