Capco secures £70m financing deal ahead of Olympic summer
CAPITAL & COUNTIES said yesterday it has secured a £70m credit facility from its lenders BNP Paribas and HSBC, as the property specialist continued to make good progress on its major schemes at Covent Garden and Earls Court.
The five-year revolving credit facility, which has been secured against some of the company’s Covent Garden assets, follows a £300m refinancing with the same banks in November last year.
In its interim management statement for the year to 15 May, chief executive Ian Hawksworth said the group had “an active start to the year”, acquiring three properties and securing 10 new lettings at Covent Garden in the West End.
Occupancy rate for the estate was 97.4 per cent in the period while footfall remained consistently strong at 44m on a 12 month rolling basis.
Hawksworth said the group looked to benefit from the Queen’s Diamond Jubilee celebrations and the Olympics with a strong pipeline of new restaurants set to open ahead of the Games, including Jamie Oliver’s Union Jacks in July.
Richard Caring’s Balthazar restaurant will also be opening in the former Flower Cellars building at the end of the year.