- Capital & Counties Properties' EPRA net asset value fell to £2,878m in the year to the end of December from £3,059m in 2015.

EPRA NAV fell by 5.9% to 340p (H1 2016: -4.7%, H2 2016: -1.2%) and total property value of £3.7bn was down 4.4% on a like-for-like basis.

The group posts a loss attributable to owners of the parent of £118.6m against a profit of £431.1m last time.

But the group reports a strong performance at Covent Garden following record year of leasing activity and significant progress at Earls Court.

Chairman Ian Durant "Capco has delivered good progress in 2016 with considerable activity and milestones achieved at both Covent Garden and Earls Court.

"Despite macro-economic uncertainty, London is one of the great cities of the world; desirable as a retail destination and residential location.

"Looking through short-term market movements, Capco's long-term strategy remains unchanged.

"We are confident in the strength of our two prime London assets and are well positioned to deliver long-term value creation for our shareholders."

Chief executive Ian Hawksworth added: "Capco has made significant progress at its two central London estates during 2016.

"Covent Garden has introduced high quality retailers and restaurants, resulting in a record year of leasing transactions, producing an uplift in value of 6 per cent to £2.3 billion and an increase in ERV of 8 per cent.

"At Earls Court, the first phase of demolition is now complete, de-risking the site and preparing the land for future development.

"Weakened sentiment in the residential market, following changes to stamp duty and political uncertainty, particularly in the first half of 2016, led to a valuation decline at Earls Court Properties of 20 per cent to £1.1 billion.

"As a result, EPRA NAV declined by 6 per cent to 340 pence per share.

"The strong demand for central London retail has continued in 2017 and Covent Garden has had a positive start to the year.

"We have increased the ERV target to £125 million by December 2020, reflecting the positive prospects of the estate.

"The first residents have moved into Lillie Square and additional units will be released over the coming months, now that the first release of Phase 2 is predominantly sold.

"Land enablement will continue at Earls Court and we intend to progress plans to increase the number of much needed homes as we maximise the potential of this strategic land holding.

"Capco remains focused on its strategy to deliver long-term value creation from its two unique central London estates.

"Backed by a strong balance sheet with low LTV and high liquidity, the Group is well positioned to withstand short-term market uncertainty and take advantage of opportunities as they arise."

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