CapCo to spruce up Covent Garden site

PROPERTY firm Capital & Counties (CapCo) has announced a £100m share placing, which it plans to spend on revamping and adding to its Covent Garden portfolio.

The company, formed last year when Liberty International was broken up, is planning to sell 62.1m new shares, worth almost 10 per cent of its outstanding stock.

CapCo’s buildings at Covent Garden are valued at £640m, and include the 25,000 square foot flagship Apple store in Bedford Chambers, opened last year.

“The new money raised from the placing will accelerate our progress at Covent Garden and we expect acquisitions and projects at Covent Garden funded by the placing to be accretive to both estimated rental value and net asset value per share over time,” said chief executive Ian Hawksworth.