Half Year Results 

CapCo to explore demerger plans

CapCo to explore demerger plans

Over concentration of the portfolio, execution risk and a cyclical downturn in the market – take your pick. The upshot is that Capital & Counties (CAPC) has been forced to take another hit on the value of its Earls Court interests. The £52m write-down, taking the value of the assets to £707m, reflects a stalled London property market. That is certainly true of high-end apartments, though the overall value of the landlord’s portfolio was down by a modest 0.4 per cent, as its Covent Garden interests were marked up amid a rising rental roll. The compensatory effects of the latter locale also meant that ‘CapCo’ was able to maintain its NAV per share at 334p and a half-year pay-out of 0.5p per share, in line with the comparable period in 2017.

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