Capco on track for positive second half

10th Nov 2015 08:06

(ShareCast News) - Central London property firm Capital and Counties said it had a "positive and active" second half of the year. In a trading statement for the four months to 10 November, the company said it had a conservative loan-to-value ratio of 16% with more than £470m in cash and available facilities.Chief executive Ian Hawksworth said Capco was on course to achieve its estimated rental value target at its Covent Garden estate of £100m by December 2017.This would represent annualised rental growth of 10%, Hawksworth said.The company on Monday announced a strategic review that could lead to the sale of its venues business , whose main asset is the Olympia exhibition center in West London.Hawksworth said its Covent Garden estate continued to attract new brands, including a letting to Australian premium stationery supplier kikki.K.The redevelopment of the historic Earls Court exhibition centre continues with demolition of the old halls and construction of new homes "on track with first completions due in 2016"."In line with expectations, phase two of the Lillie Square housing development launched positively in September with pricing approximately 5% higher than comparable units in phase one," Hawksworth said.