- Capco said the value of its underlying property interests held by Earls Court Partnership Limited had decreased by 10.5% following an independent valuation.

Based on a valuation carried out JLL at the request of the Transport for London, the implied value of Capco's property interests in Earls Court Partnership Limited was £412m, representing a like-for-like decrease of 10.5% compared with the valuation as at 31 December 2018 of £461m.

The decrease was blamed on a number of adjustments that were made to the component parts of the valuation, including increased developer's margin and total development cost assumptions as well as a more conservative view on gross development value, the company said.

On a pro forma basis, the decrease in valuation would reduce Capco's 31 December 2018 EPRA NAV of 326p by approximately 6p a share.

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