Capco returns pushed up by Covent Garden retail hotspot

Caitlin Morrison
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PROPERTY firm Capital & Counties (Capco) singled out the performance of its Covent Garden sites as driving a 25 per cent total return in the year to 31 December 2014.

The company also saw a 25 per cent increase in its European Public Real Estate Association net asset value, while rental income grew from £64.8m in 2013 to £70.1m.

Ian Hawksworth, chief executive of Capco, said the results reflected “an acceleration in performance across Capco, particularly at Covent Garden”.

He added: “Covent Garden is established as a leading global destination following a very active year of leasing, setting new rental levels across the estate.

“Premium brands continue to be attracted to this prime location and the distinct approach we take to managing our estate.”

Hawksworth also stated that the firm is focusing on planning applications and sales at its Earls Court project and said that, while Capco is aware of the “uncertainty which may arise from the upcoming General Glection”, it was entering the new year with confidence.

Shares in the company were up by 2.11 per cent.