Pandemic wipes almost £1bn off Covent Garden landlord Capco’s portfolio
West End landlord Capital & Counties suffered a sharp drop in its property values last year, wiping almost £1bn of its portfolio.
Capco, which owns Covent Garden, reported this morning that its total property value last year was £1.9bn, down from £2.8bn in 2019.
The total property value of Covent Garden fell 27 per cent to £1.8bn due to the impact of the coronavirus pandemic on the retail sector.
Meanwhile, net rental income plunged 74 per cent to £16m compared to December 2019.
The retail landlord posted a loss per share of 0.7p for the year.
However, Capco said it had signed 65 new leases and renewals during the year, representing £6.2m of contracted income, with brands such as Tiffany & Co, Vashi, The Gentlemen Baristas and Arc’teryx among the new tenants.
Ian Hawksworth, chief executive of Capco, said: “Capco’s financial strength has allowed us to support our customers and business partners whilst taking advantage of market opportunities during an unprecedented year which significantly impacted rents and property valuations.
“As a long-term investor we are optimistic about the enduring appeal of Covent Garden and London’s West End and are confident that Capco is well-positioned to benefit from London’s economic recovery.”