StockMarketWire.com - Capital & Counties Properties reported EPRA adjusted net asset value of £2,839m for 2017, down from £2,878m in 2016.

EPRA NAV was reported at 334p per share in 2017, down 1.7% from 340p per share in 2016. While underlying EPS fell to 1.3p per share from 1.4p per share.

The group reported a 0.9% (like-for-like) decrease in total property value to £3.5bn compared with £3.7bn in the period.

The firm proposed a final dividend of 1.0p per share, taking full-year dividend to 1.5p per share.

Ian Hawksworth, Chief Executive of Capco, said: 'Covent Garden, now valued at over £2.5 billion, delivered another strong year of rental and value growth. Positive leasing demand for our world-class retail and dining destination continues, with 90 leasing transactions securing a record £15 million of rental income at a premium of 10 per cent to December 2016 ERV.'

'Our creative asset management strategy and investment into the estate have produced a high quality and vibrant environment for the consumer, driving growth of 18 per cent in rental income. ERV increased to £105 million, demonstrating progress towards the target of £125 million by December 2020.

'Whilst political and macroeconomic conditions have impacted the residential market resulting in a further valuation decline, a number of operational milestones have been achieved and as a long-term investor, Capco will continue to engage with partners and stakeholders to evolve and bring forward the Masterplan.'

'The successful sale of Venues and financing activities undertaken during the year have further enhanced Capco's strong financial position. With low leverage and high liquidity, Capco is well-positioned to deliver long-term value creation from its two prime central London estates and to take advantage of opportunities as they arise.'


At 9:38am: [LON:CAPC] Capital Counties Properties PLC share price was -9.85p at 269.05p



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