CapCo tightens hold on West End

Kasmira Jefford
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CAPITAL & Counties (CapCo) said yesterday it has snapped up a further £60m worth of sites in London’s Covent Garden area as it steps up its expansion in the area.

The group raised £149m in July to accelerate growth plans and has since bought properties on Wellington Street, Floral Street and Henrietta Street with offices, shops and restaurants including Sophie’s Steakhouse.

In its interim statement the developer said it had made 45 lettings for £6.4m in the year to 7 November despite seeing a slowdown during the Olympics. Talks over its giant Earls Court scheme are still ongoing and CapCo said it hopes to finalise the plans in the first quarter of 2013.

As of 30 September gross debt fell to £380m from £450m and net debt reduced to £139m from £397m.