Capital & Counties Properties PLC updates
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Capital & Counties, the owner of London’s Covent Garden, has reported a further fall in its property values but said it was hopeful that footfall and spending were on the rise.
The value of shops, restaurants and office buildings around the central London piazza has tumbled as lockdowns kept tourists away and closed businesses.
Capco said on Tuesday that the valuation of its Covent Garden property portfolio fell 5 per cent to £1.7bn in the six months to June 30. The estate lost more than a quarter of its value over the previous year.
But there are signs of trade and valuation declines improving and that “the worst of the pandemic may be behind us,” according to Capco boss Ian Hawksworth.
Net rental income, which for long periods during the pandemic was reduced to a trickle, has picked up, totalling £21m over the past…
