Capital & Counties ' (CAPC) performance in 2016 can be clearly defined thus: the Covent Garden portfolio delivered a 6.4 per cent valuation uplift to £2.3bn while the Earls Court development was valued at £1.bn, a 20.4 per cent decline.
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Happily, the Covent Garden portfolio didn't miss a blink after the referendum, and leasing activity rose to a record level, with 95 new lettings and renewals agreed, securing £13.3m of rent at 9.3 per cent above December 2015 estimated rental value. And while business rates are set to rise significantly, most tenants will have already priced this in. In addition, there remains strong demand from potential tenants.