Capital & Counties reports higher half-year property values

1st Aug 2014 12:19

Capital & Counties Properties (Capco) reported a 7.5% increase in the value of its real estate in the first half to £2.6bn.European Public Real Estate Association (EPRA) adjusted net asset value (NAV) grew 9.5% to 272p per share, following the strong performance of the group's London estates including Covent Garden and Earls Court. The property asset manager made a total return of 9.9% in the period. At Covent Garden, property market value rose 6.2% while in Earls Court it rose 10.1%."Capco has had a positive start to the year which is demonstrated in our strong results today," said chief executive Ian Hawksworth."As we enter the second half of the year, our balance sheet is significantly strengthened and our strategy remains clear and focused to deliver long-term value creation for our shareholders."Shares fell 2.7p to 318.2p at 12:01 in London.RD