London landlord Capital & Counties (Capco) is on the verge of merging with Shaftesbury, and has released its final trading update ahead of the merger. The report highlights a strong recovery in the West End, particularly in the Covent Garden area. Capco CEO Ian Hawksworth has noted a surge in demand, high occupancy rates, and continued growth in rentals in the region.
Capco holds substantial properties in Covent Garden, as well as in Seven Dials, Chinatown, and the Carnaby neighborhood. These properties will become part of the combined Capco-Shaftesbury entity, which will be known as Shaftesbury Capital.
While the value of Capco’s properties remained steady at £1.8 billion over the past year, its underlying net rental income increased from £48.9 million to £57.2 million. However, Capco itself faced losses, amounting to £211.8 million, compared to a profit of £34.8 million in the previous year. These losses were primarily a result of a decline in the Shaftesbury share price.
Shaftesbury Capital will start trading shares on the London Stock Exchange on March 7th.
Overall, Capco’s final trading update demonstrates the positive momentum and recovery unfolding in the West End. The forthcoming merger with Shaftesbury will establish a formidable presence in the London property market, boasting a diverse portfolio of assets in highly sought-after locations. The strong demand and rental growth in Covent Garden further reinforce Capco’s confidence in the market’s rebound. Investors will soon have the chance to participate in the newly formed Shaftesbury Capital through its listing on the London Stock Exchange.
Useful links:
– Capital & Counties (Capco) Official Website
– Shaftesbury Official Website
