Business
Placing to fund opportunities at Covent Garden
Placing to fund opportunities at Covent Garden.
About this update from Shaftesbury Capital Plc
[{"type":"text","content":"\n \nRNS Number : 5851M Capital & Counties Properties Plc 19 September 2012 \n \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN\n \n19 September 2012\n \nCAPITAL & COUNTIES PROPERTIES PLC (\"Capco\", the \"Company\" or the \"Group\")\nPlacing to fund expansion opportunities at Covent Garden\n \nCapco today announces the placing of up to 68,400,000 new ordinary shares of 25 pence in the capital of the Company (the \"Placing\") representing approximately 9.99 per cent. of the Company's issued share capital immediately prior to the Placing. Up to 30 per cent. of the Placing may be denominated in Rand.\n \nBackground to the Placing\n \nThe Group's creation of shareholder value through the entrepreneurial asset management of its prime central London assets continues to demonstrate positive momentum, with net asset value per share (adjusted, diluted) increasing by 6.8 per cent. in the first half of 2012 to 177 pence as at 30 June 2012.\n \nCovent Garden\n \nThe Covent Garden estate was valued at £856 million as at 30 June 2012, a 4.5 per cent. increase in valuation (like-for-like) during the first 6 months of 2012. Highlights of performance during this period included:\n \n· ERV up to £47.1 million (31 December 2011 - £45.8 million)\n· 34 leasing transactions year to date with net rental income of £4.7 million, at an average 9.4 per cent. above December 2011 ERV\n· 9 new retailers and restaurant operators introduced, including Chanel, Jo Malone, Melissa Shoes, Jamie's Union Jacks and Brasserie Blanc \n· Work on the second office to residential conversion project, The Russell, began following completion of the first, The Henrietta, earlier this year\n \nEarls Court and Olympia\n\nThe Earls Court and Olympia estate was valued at £620 million as at 30 June 2012, a 4.6 per cent. increase in valuation (like-for-like) during the first 6 months of 2012, with Capco's Earls Court land interests valued at £9.5 million per acre.\n \nSince the interim results announced on 31 July 2012, a number of significant milestones have been achieved in relation to the Earls Court Masterplan.\n&nb...