Capital & Counties first-half net asset value up 10%

29th Jul 2015 12:17

(ShareCast News) - Capital & Counties Properties posted a 10% rise in first-half net asset value and said its two London developments have had a positive and active start to the year.The company said that in the six months to the end of June, net asset value rose to 342p per share from 311p in December 2014, as its total portfolio value increased 9% to £3.4bn.The total return for the first half was 10% and Capco said it has proposed an interim dividend of 0.5p per share, which is unchanged year-on-year.The property company said its plans at Earls Court continue to advance, it has completed the investment vehicle with TfL and demolition is progressing well. At Lillie Square, construction of Phase 1 is on track and Capco is finalising plans to begin sales of Phase 2."The balance sheet remains robust and flexible and we have continued to significantly invest in our London estates. Following the placing last year, we have successfully deployed the proceeds, acquiring over 30 properties and successfully commencing our development and demolition plans. We are clear and focused on our delivery strategy and with two unique assets are well-positioned to drive long-term value for our shareholders," the company said.At 11:29, shares were up 0.4% at 448.50p.