Business
Trading Statement
Trading Statement.
About this update from Shaftesbury Capital Plc
[{"type":"text","content":"\n \n \n RNS Number : 5590T\n Capital & Counties Properties Plc\n 21 July 2020\n \n \n \n 21 July 2020 \n \n CAPITAL & COUNTIES PROPERTIES PLC (\"CAPCO\")\n \n TRADING UPDATE AND PUBLICATION OF CIRCULAR\n \n Capco\n today releases a trading update and further to the announcement on 30 May 2020, intends to publish a circular on the proposed acquisition of a stake in Shaftesbury PLC. Financial information below represents unaudited figures for the six months ended 30 June 2020, and Capco's interim results for this period will be released on 12 August 2020. \n \n \n \n \n \n · \n The Company is confident in the long-term resilience, attractiveness of and prospects for prime central London, in particular the West End \n \n \n · \n Covent Garden is a pedestrianised open air environment and is well positioned as lock down measures ease and consumers return to central London\n \n \n · \n Additional streets around the Piazza have been pedestrianised, allowing for greater freedom of movement and increased al fresco dining across the estate\n \n \n · \n As a responsible, long-term owner of the estate, Capco has been working with local communities and continues to provide assistance to local charity partners in the West End\n \n \n · \n The majority of retail and dining concepts on the Covent Garden estate have reopened\n \n \n · \n Capco has provided support to retail and hospitality customers experiencing cash flow pressures, with rental agreements being adjusted on a case by case basis to include deferrals and turnover-linked arrangements where appropriate \n \n \n · \n Covent Garden total property value of £2.2 billion, \n a decrease of 17 per cent since 31 December 2019\n \n \n · \n Acquisition of 20.94 per cent stake in Shaftesbury PLC completed with a further 5.31 per cent agreed subject to shareholder approval \n \n \n · \n Strong balance sheet with loan to property value of 32 per cent, net debt to gross assets ratio of 26 per cent and £616 million of cash and undrawn facilities \n \n \n · \n £90 million of deferred consideration from the Earls Court sale received in March 2020, with a further £105 million expected to be received later this year and £15 million due in 2021\n \n \n \n \n \n Covent Garden property valuation \n \n \n \n \n As at 30 June 2020, Covent Garden total ...