Capco’s other investments principally consist of the Group’s share in The Great Capital Partnership (GCP), a 50:50 joint venture with Great Portland Estates plc, and an interest in a property investment fund in China. Both portfolios focus on delivering superior, total returns to shareholders and have generated substantial capital for reinvestment back into Capco’s core business.

The Great Capital Partnership

GCP comprises a number of strategically located properties in London’s West End. These provide asset management, refurbishment and development opportunities which deliver strong recurrent income and capital recycling potential. Overall, GCP properties have continued to perform well. Compared to the UK as a whole, occupier demand for office and retail accommodation in central London remains robust. In line with Capco’s strategy to recycle capital from mature property assets back into the Group’s core businesses, GCP has continued to dispose of properties, a process that began in 2010.

China

The Group’s Chinese investments, managed by Harvest Capital Partners, have focused on several mixed use, residential and retail developments in central China. These investments have returned capital to the Group of £55 million during 2011. The balance is due to be returned over the next two years.