Covent Garden portfolio sends Capco property values soaring

Kasmira Jefford
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CAPITAL & Counties (Capco) said a strong performance from its bustling Covent Garden estate helped push the total value of its property up by 13 per cent to £2.1bn in the first half of the year.

The developer has been sprucing up its Covent Garden portfolio, attracting trendy restaurants and retailers including Dior and the American burger chain Shake Shack, which opened last month.

It secured 12 new tenants in the six months to 30 June and achieved new lettings at 9.1 per cent above the estimated rental value. Its Covent Garden estate rose 14 per cent to a value of £1.1bn compared with the same time last year.

Meanwhile Capco said its Earls Court empire rose 18.5 per cent in value to £417m.

The group, which is planning an £8bn redevelopment of the area, confirmed that Transport for London has agreed to a joint venture to redevelop the Earls Court exhibition centre.

Capco’s FTSE 250-listed shares rose 3.5 per cent to 358.2p.