Last pre-merger Capco update hails West End recovery
With its merger with Shaftesbury imminent, London landlord Capital & Counties (Capco) issued its final trading update this week and said “momentum is really building” in the West End.
The company owns a huge swathe of Covent Garden and CEO Ian Hawksworth said demand in the area is high, with good occupancy levels and rental growth continuing in 2023 from last year.
The company agreed 71 new leases and renewals in 2022.
The combined Capco-Shaftesbury business will be called Shaftesbury Capital and in addition to the heart of Covent garden, will own an estate of 670 buildings covering Seven Dials, Chinatown and the Carnaby neighbourhood.
In the update, Capco said its property values were flat at £1.8 billion last year but underlying net rental income rose to £57.2 million from £48.9 million.
The company — which already owned a 25% stake in Shaftesbury — was loss-making, to the tune of £211.8 million after a £34.8 million profit a year earlier, mainly due to a fall in the Shaftesbury share price.
Shaftesbury Capital will begin trading its share on the London Stock Exchange on 7 March.
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