Business
Interim Report for the Half Year Ended 30 June 13
Interim Report for the Half Year Ended 30 June 13.
About this update from Shaftesbury Capital Plc
[{"type":"text","content":"\n \nRNS Number : 4113K Capital & Counties Properties Plc 30 July 2013 \n \n\n\n\n\n\n30 July 2013\n \n \n\n\n \n \n\n\n\n\nCAPITAL & COUNTIES PROPERTIES PLC (\"Capco\")\nINTERIM REPORT FOR THE SIX MONTHS ENDED 30 June 2013\nIan Hawksworth, Chief Executive of Capco commented: \"We have seen strong progress at Capco in the first half of 2013 which has delivered excellent total returns for our shareholders. Value has grown at Covent Garden through the creative asset management strategy, with a number of key lettings in the period including Dior and the opening of Shake Shack. The outline planning process for the Earls Court Masterplan is nearly complete following the Mayor of London's endorsement, and the land assembly is well advanced with the acquisition of Empress State and the recent progress with Transport for London.\" \nStrong valuation performance providing superior shareholder returns\n- 14 per cent increase in EPRA adjusted, diluted NAV to 232 pence per share (Dec 2012: 203 pence)\n- 13 per cent (like-for-like) increase in total property value to £2.1 billion (Dec 2012: £1.7 billion)\n- Proposed interim 2013 dividend of 0.5 pence per share \n- 15 per cent total return in the period\nValue growth through continued transformation at Covent Garden \n- Total property value of £1.1 billion up 14.1 per cent (like-for-like) (Dec 2012: £952 million)\n- New lettings at 9.1 per cent above ERV\n- ERV £55.9 million up 6.9 per cent (on a like-for-like basis), on target for ERV of £60-65 million by end of 2015\n- 12 new retailers and restaurants have taken space in the first 6 months, including Dior, Y-3 and Shake Shack\n- Kings Court planning applications for a new mixed use development submitted in May\nValue creation at Earls Court through planning and land assembly \n- Earls Court interests valued at £417 million, up 18.5 per cent (like-for-like) (Dec 2012: £336 million)\n- Mayor of London consent for the Ear...