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Capital & Counties Properties receives £105m from Earls Court sale
StockMarketWire.com
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Property investment company Capital & Counties Properties confirmed that it had received a £105 million deferred cash payment from its sale of property in Earls Court.
The final payment of £15 million was due to be received in November 2021, the company said.
Proceeds would be used to reduce borrowings under the Covent Garden revolving credit facility, the company said.
On a pro forma basis, Capco's net debt would be approximately £700 million representing a net debt to gross assets ratio of 25%, down from 26% on 30 June 2020, the company said.
Net debt for Covent Garden would be approximately £475 million and the loan to value ratio would be 23%, down from 36%.
Story provided by StockMarketWire.com
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