Capital & Counties asset value boosted by Covent Garden site

CAPITAL & Counties, the London focused property developer, posted a four per cent rise in the value of its assets, boosted by an increase in value of its Covent Garden estate.

Net asset value per share rose four per cent to 154p, while pre-tax profit was up 28 per cent at £70.2m from £54.8m a year ago.

Chief executive Ian Hawksworth said the company had enjoyed a successful and active half year and was well positioned in the central London property market, particularly in the retail and residential sectors.

In May it raised £100.6m in a share sale to help fund more acquisitions around Covent Garden.

Capco, which also owns Earls Court & Olympia exhibitions business, said its total property value was £1.5bn, up 2.9 per cent on a like-for-like basis.