Business
Audited Preliminary Results - 31 December 2010
Audited Preliminary Results - 31 December 2010.
About this update from Shaftesbury Capital Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 1414C Capital & Counties Properties Plc 02 March 2011 \n \n\n2 March 2011\n \nCAPITAL & COUNTIES PROPERTIES PLC\n \nAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010\n \nHighlights \n \n· EPRA adjusted, diluted NAV up 17 per cent to 148 pence per share\n· Successful demerger from Liberty International PLC \n· Excellent progress at Covent Garden with ERV of £37.5 million, up 12% on a like-for-like basis\n· Apple flagship store and new high-profile signings in Covent Garden\n· Planning consent obtained for development of Olympia's West Hall \n· Planning for the Earls Court & West Kensington Opportunity Area (ECOA) on target\n· Terry Farrell & Partners appointed as masterplanner for the ECOA\n· Total property value £1.4 billion, up 10.8 per cent on a like-for-like basis\n· Property LTV 35 per cent\n· Occupancy levels at 97.4 per cent across the Group (EPRA adjusted)\n· Final dividend of 1 pence per share proposed, making 1.5 pence for the year\n \n \nIan Durant, Chairman of Capital & Counties Properties PLC, commented:\n \n\"This has been a year in which Capco has successfully established itself as a publicly listed company with a clear central London strategy and assets with the potential to unlock value. Independence has refreshed and re-energised Capco's activities, allowing management to act flexibly and decisively. It has affirmed clear goals to generate superior and long-term returns for shareholders. London offers excellent opportunities for medium and long-term sustainable growth in capital and rental values and Capco has a management team capable of realising that potential.\"\n \nIan Hawksworth, Chief Executive of Capital & Counties Properties PLC, added:\n \n\"Capco continues to see the benefits of its strategy of concentrating its investments in prime locations in central London with strong NAV growth this year and positive momentum across the business. Covent Garden is well on the...