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.

To continue reading, subscribe today

and enjoy unlimited access to the following:

  • Tips of the Week
  • Funds coverage
  • Weekly features on big investment themes
  • Trading ideas
  • Comprehensive companies coverage
  • Economic analysis
Subscribe
Subscribe to Investors Chronicle

Subscribe today

Full access for just £3.37 a week:

• Tips and recommendations - to beat the market 
• Portfolio clinic & Mr Bearbull - build a well-planned portfolio 
• Expert tools - track and manage investments effortlessly
• Plus free delivery to your home or office

Subscribe Now