26th Feb 2015 09:37
LONDON (Alliance News) - Capital & Counties Properties PLC on Thursday reported a 25% total return for 2014 as its portfolio value increased on the back of a strong performance in the London property market.
The FTSE 250-listed property company said its net asset value per share rose to 311 pence in the year to the end of December, up from 249 pence per share a year ago.
The value of its property portfolio rose to GBP1.6 billion, up from GBP1.2 billion a year earlier, boosted the performance of its Earls Court Properties business and by its Covent Garden unit.
Its estimated rental value grew 14% over the year to GBP75 million and the group has increased its estimated rental value guidance to GBP100 million by December 2017.
The group has proposed a final dividend for the year of 1 pence per share, giving a full-year dividend of 1.5 pence per share.
"These results demonstrate excellent performance across the group. The 25% total return delivered in 2014 reflects an acceleration in performance across Capco, particularly at Covent Garden," said Chief Executive Ian Hawksworth.
Shares in Capital & Counties were up 1.8% to 399.70 pence on Thursday morning, one of the best performers in the FTSE 250.
By Sam Unsted; [email protected]; @SamUAtAlliance
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