Business
Trading update and publication of merger documents
Trading update and publication of merger documents.
About this update from Shaftesbury Capital Plc
[{"type":"text","content":"\n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\n \n \n \n \n \n \n \n \n \n THE FOLLOWING ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT AND INVESTORS SHOULD NOT MAKE ANY INVESTMENT DECISION IN RELATION TO THE EXISTING CAPCO SHARES AND NEW CAPCO SHARES EXCEPT ON THE BASIS OF THE INFORMATION IN THE SCHEME DOCUMENT, THE PROSPECTUS AND THE CIRCULAR WHICH ARE BEING PUBLISHED TODAY.\n \n \n \n \n \n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n \n \n 7 July 2022\n \n \n \n \n Capital & Counties Properties PLC (\"Capco\")\n \n \n \n \n Trading update and publication of documents in connection with the recommended all-share merger of Capco with Shaftesbury PLC\n \n \n \n \n \n \n \n \n \n Trading update\n \n \n \n As at 30 June 2022, the external property valuation of Capco's Covent Garden estate was approximately £1,817 million, representing a like-for-like increase of 5 per cent in the first half of the year. The movement over the first half was driven by an increase of 4 per cent in ERV to approximately £79 million as well as a reduction in the equivalent yield of 6 basis points to 3.82 per cent reflecting asset management and leasing activity across all uses.\n \n \n Operational metrics continue to be positive with strong leasing demand ahead of ERV across all uses and high occupancy levels with EPRA vacancy of approximately 2.5 per cent at 30 June 2022. 11 new brands opened during the period, adding to the vibrant mix on the estate, while footfall continues to trend towards pre-pandemic levels and customer sales in aggregate are ahead of 2019, reflecting the appeal of Covent Garden and London's West End. \n \n \n As at 30 June 2022, Capco had liquidity of approximately £439 million, which includes cash of approximately £139 million and £300 million undrawn facilities. During the first half, Capco repaid £200 million of drawn debt comprising £75 million private placement loan notes and the £125 million loan secured against shares in Shaftesbury. As at 30 June 2022, the Covent Garden loan to value ratio was approximately 20 per cent. \n \n \n Capco intends to release i...