Business
Half Yearly Report
Half Yearly Report.
About this update from Shaftesbury Capital Plc
[{"type":"text","content":"\n \nRNS Number : 9589N Capital & Counties Properties Plc 01 August 2014 \n \n\n1 August 2014 \nCAPITAL & COUNTIES PROPERTIES PLC (\"Capco\") \nINTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2014 \nIan Hawksworth, Chief Executive of Capco, commented:\n\"Capco has had a positive start to the year which is demonstrated in our strong results today. At Covent Garden, rigorous asset management and tactical investment activity continues to drive value growth and enhance our presence across the estate. The successful launch of Lillie Square has established positive pricing evidence for the area around Earls Court which, along with detailed consents and the establishment of the venture with TfL, has created further value from our interests in the area. 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\"\nHighlights\nStrong valuation performance\n- 9.5 per cent increase in EPRA adjusted, diluted NAV to 272 pence per share (Dec 2013: 249 pence)\n- 7.5 per cent (like-for-like) increase in total property market value to £2.6 billion (Dec 2013: £2.3 billion)\n- 9.9 per cent total return in the period\n- Proposed interim 2014 dividend of 0.5 pence per share\nValue growth through rigorous asset management and investment activity at Covent Garden\n- Total property market value of £1.3 billion up 6.2 per cent (like-for-like) (Dec 2013: £1.2 billion)\n- 4.2 per cent (like-for-like) growth in ERV to £65.7 million \n- Adjusted ERV target of £85 million by December 2016 following acquisition activity\n- £76 million cash invested in acquisitions enhancing presence on the estate \nValue creation through achievement of key m...