Capco property values up by a fifth to £2.3bn
CAPITAL & Counties (Capco) said a strong performance from its sprawling Covent Garden estate helped push the total value of its property up by 20 per cent to £2.3bn last year.
The developer, which has been bringing in new upmarket tenants including Dior, Laduree and the restaurant Balthazar, said the value of its west end estate increased by 19.2 per cent on a like-for-like basis to £1.16bn.
Meanwhile its Earls Court empire leapt 25 per cent in value to £934m as the group’s vast £8bn regeneration of the area moved closer towards being realised.
Capco obtained planning consent for the masterplan last year and agreed to form a joint venture with Transport for London earlier this month to bring forward the first phases of the project.
Capco’s 77-acre scheme will create a neighbourhood with 7,500 shops, a primary school, a health centre and a five-acre public park.
Chief executive Ian Hawksworth said: “A number of major planning and land assembly milestones… have enabled us to drive further momentum as we progress this exciting scheme.”