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Capital & Counties Properties PLC has reported that its operational performance in the first half remained ‘positive’ on the back of strong leasing demand and high occupancy levels.
In a trading statement late on Thursday, the London-based property firm said footfall continued to trend towards pre-pandemic levels and customer sales in aggregate are ahead of 2019, reflecting the appeal of Covent Garden and London's West End.
The external property valuation of Capco's Covent Garden estate was about £1.8 million as at June 30, representing a like-for-like increase of 5% in the first half of the year.
The group said the movement over the first half to June 30 was driven by an increase of 4% in estimated rental value to around $79 million.
During the first half, it repaid £200 million of drawn debt, comprising £75 million private placement loan notes and the £125 million loan secured against shares in Shaftesbury.
The London and Johannesburg-listed property firm also announced that the UK-based Financial Conduct Authority has approved a circular containing information relating to the merger and a prospectus relating to the new Capco shares.
Last month, Capco and Shaftesbury PLC agreed the final terms of their all-share merger to create a central London-focused property investor with a combined portfolio value of £5.0 billion.
In terms of the proposed deal, Shaftesbury shareholders will receive 3.356 new Capco shares for each Shaftesbury share held, giving Shaftesbury shareholders a 53% stake in the combined company and Capco shareholders 47%.
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