Skip to main content


Audited Preliminary Results For The Year Ended 31 December 2020

Prime central London REIT centred around Covent Garden, well-positioned to benefit from recovery over time

Henry Staunton, Chairman of Capco, commented:

“2020 was an extraordinary year with significant market uncertainty. Capco’s support to its people, customers and broader Covent Garden community ensures the business is well-positioned to benefit from a recovery and prosper over time. We remain focused on responsible stewardship, disciplined capital management and are committed to delivering long-term value for shareholders from our unique portfolio of West End focused investments.” 

Ian Hawksworth, Chief Executive of Capco, commented:

“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.” 

Key financials

  • Equity attributable to owners of the Parent of £1.8 billion (2019: £2.5 billion)
  • EPRA NTA 212 pence per share, a decrease of 28 per cent (2019: 293 pence per share)
  • Total property value £1.9 billion, a decrease of 26 per cent (like-for-like) (2019: £2.8 billion)
  • Group net debt to gross assets ratio of 28 per cent (2019: 15 per cent)
  • Underlying earnings per share -0.7 pence (2019: 1.0 pence per share)

Covent Garden, a landmark estate positioned for future value creation

  • Covent Garden total property value of £1.8 billion, a decrease of 27 per cent (like-for-like) since 31 December 2019
  • ERV decreased by 22 per cent (like-for-like) to £81 million (2019: £108 million) and equivalent yield of 3.91 per cent (2019: 3.65 per cent)  
  • Reported net rental income down 74 per cent to £16 million against December 2019 and underlying net rental income down 30 per cent (like-for-like) to £44 million
  • EPRA vacancy is 3.5 per cent (2019: 3.2 per cent)
  • Capco continues to provide support to retail and hospitality customers on a short-term basis, with rental agreements being adjusted case-by-case to include deferrals and turnover-linked arrangements
  • Encouraging indicators upon reopening following easing of measures in the second half of 2020
  • 65 new leases and renewals, representing £6.2 million of contracted income were agreed during the year
  • Continuing to attract high quality brands including Tiffany & Co., Vashi, The Gentlemen Baristas and Arc’teryx
  • Public realm improvements including pedestrianisation and 500 al fresco dining covers, enhancing trading prospects
  • Completed the sale of the Wellington block for £76.5 million, in line with June 2020 valuation

Committed to sustainability and innovating to meet customer needs

  • New commitment to achieve Net Zero Carbon by 2030
  • A new Environment, Sustainability and Community (“ESC”) Board Committee has been established
  • Net Zero Carbon Pathway to be published in 2021
  • Additional pedestrianisation of streets around the Piazza further improving air quality
  • Assistance provided to COVID-19 funds supporting homelessness, food banks and the elderly as well as hospitality and retail foundations.

Acquisition of significant stake in Shaftesbury PLC

  • Unique opportunity to acquire a significant stake in a company with an exceptional mixed-use portfolio of c.600 buildings across the West End
  • £501 million invested, resulting in a shareholding of 25.2 per cent
  • Represents a compelling investment and entry point at an implied value of approximately £1,200 per square foot
  • Consistent with Capco’s strategy to invest in complementary opportunities on or near Covent Garden

Maintaining a strong balance sheet with significant financial flexibility 

  • Covent Garden net debt £352 million (2019: £555 million) and loan to value ratio of 19 per cent (30 June 2020: 36 per cent) (2019: 21 per cent)
  • Significant headroom against the LTV covenant position, and interest cover covenant waivers agreed for 2021
  • Group net debt of £710 million (2019: £442 million) and net debt to gross assets of 28 per cent
  • Access to Group liquidity comprising undrawn facilities and cash of £1 billion (2019: £895 million), and capital commitments of £2 million (2019: £14 million)
  • Weighted average maturity on drawn debt of over 5 years (2019: 7.3 years) and average cost of debt of 2.6 per cent (2019: 3.0 per cent)
  • The Directors have decided not to propose a dividend for 2020 (2019: 1.5 pence per share)

Other investments

  • £195 million of deferred consideration from the Earls Court sale was received with the final payment of £15 million due later this year
  • Completion of Lillie Square Phase 2 with 94 units handed over this year, representing £116 million of net proceeds (£58 million Capco share)






Equity attributable to owners of the Parent



Equity attributable to owners of the Parent per share



-27.2% Total return in 2020 (2019: -9.6%)



EPRA net tangible assets



EPRA net tangible assets per share



Dividend per share


-24.4% Total property return in 2020 (2019: -5.4%)



Property market value1



Net rental income from continuing operations2



Loss for the year attributable to owners of the Parent



Headline loss per share



Basic loss per share3



Underlying (loss)/earnings per share4



  1. On a Group share basis. Refer to Property Data on page 73 for the Group’s percentage ownership of property.
  2. On a Group share basis. Refer to note 2 “Segmental Reporting” on page 43.
  3. From continuing and discontinued operations. Refer to note 12 “Earnings per share and Net Assets Per Share” on page 53.
  4. From continuing and discontinued operations. Refer to note 3 ‘Underlying Earnings’ on page 46.



Capital & Counties Properties PLC:

Ian Hawksworth

Chief Executive

+44 (0)20 3214 9188 

Situl Jobanputra

Chief Financial Officer

+44 (0)20 3214 9183

Sarah Corbett

Head of Commercial Finance and Investor Relations

+44 (0)20 3214 9165  

Media enquiries:

UK: Hudson Sandler

Michael Sandler

+44 (0)20 7796 4133

SA: Instinctif

Frederic Cornet

+27 (0)11 447 3030 


A presentation will take place today at 08.30am through a webcast on the Group’s website followed by analyst Q&A.

A copy of this announcement is available for download from our website at and hard copies can be requested via the website or by contacting the Company ( or telephone +44 (0)20 3214 9170).