Capital & Counties Properties Plc Acquisition at Covent Garden (3021Z)
14 December 2017 - 6:01PM
UK Regulatory
TIDMCAPC
RNS Number : 3021Z
Capital & Counties Properties Plc
14 December 2017
14 December 2017
CAPITAL & COUNTIES PROPERTIES PLC ("Capco")
Acquisition at Covent Garden
Capital & Counties Properties PLC ("Capco") has acquired the
long leasehold interest in 15-17 Long Acre & 27b Floral Street
for GBP79 million before purchaser's costs.
Located at the western end of Floral Street, opposite the Floral
Court development, the property benefits from dual frontage on both
Floral Street and Long Acre and presents long-term asset management
opportunities.
The property generates an annual rental income of GBP3.4 million
across 42,600 square feet with 60 per cent of the income
attributable to the retail space, which comprises 18,500 square
feet, and the remainder of the space let as offices.
Michelle McGrath, Director, Capco Covent Garden, commented:
"The purchase of this property is in line with Capco's strategy
of acquiring prime assets at Covent Garden that offer the
opportunity to create value. This acquisition expands our footprint
in the area and further consolidates our presence on Floral Street
where recent signings include Kent & Curwen and The Shop at
Bluebird."
-ENDS-
Enquiries
Capital & Counties Properties PLC:
+44 (0)20 3214
Ian Hawksworth Chief Executive 9188
+44 (0)20 3214
Situl Jobanputra Chief Financial Officer 9183
+44 (0)20 3214
Sarah Corbett Head of Investor Relations 9165
Media enquiries:
Group Director of Communications +44 (0)20 3214
Sarah Hagan & Marketing 9185
+44 (0)20 7353
UK: Tulchan Susanna Voyle 4200
+27 (0)11 447
SA: Instinctif Frederic Cornet 3030
Notes to Editors
About Capital & Counties Properties PLC (Capco):
Capital & Counties Properties PLC is one of the largest
investment and development property companies that specialises in
central London real estate and is a constituent of the FTSE-250
Index. Capco's landmark London estates at Covent Garden and Earls
Court were valued at GBP3.5 billion as at 30 June 2017 (Group
share). The company is listed on the London Stock Exchange and the
Johannesburg Stock Exchange.
www.capitalandcounties.com
About Capco Covent Garden:
Covent Garden is a leading global retail and dining address and
is one of the most distinct and vibrant estates in London. The area
is now home to Chanel, Mulberry, Petersham Nurseries, Balthazar and
Frenchie.
Capital & Counties Properties PLC ('Capco') is responsible
for the management and curation of over 1 million sq. ft. of space
at Covent Garden valued at GBP2.4 billion (as at 30 June 2017).
Under Capco's stewardship, Covent Garden has been transformed into
a world-class destination, welcoming over 44 million customer
visits a year.
www.coventgarden.london
This information is provided by RNS
The company news service from the London Stock Exchange
END
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