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Audited Preliminary Results for the year ended 31 December 2021

Covent Garden recovery underway, returning to growth

Ian Hawksworth, Chief Executive of Capco, commented:

“We are pleased with the strong level of leasing demand for Covent Garden which has contributed to a valuation uplift in the second half. With footfall continuing to increase, customer sales approaching 2019 levels and our creative approach, Covent Garden is the most vibrant district in the West End and is well-positioned for further rental growth.  

Capco has a strong balance sheet, enabling us to further invest in our estate to accelerate value creation as well as take advantage of market opportunities. We look ahead with confidence to continued progress in 2022 to generate long-term returns for shareholders from our unique portfolio of West End investments.”

Key financials

  • Total equity of £1.8 billion (2020: £1.8 billion)
  • EPRA NTA 212.4 pence per share (2020: 212.1 pence per share)
  • Total property return 1.5 per cent (2020: -24.4 per cent)
  • Total shareholder return 16.5 per cent (2020: -44.3 per cent)
  • Total property value £1.8 billion, a decrease of 1.3 per cent (like-for-like) (2020: £1.9 billion)
  • Group net debt to gross assets ratio of 24 per cent (2020: 28 per cent)
  • Underlying net rental income increased to £52.3 million (Dec 2020: £43.6 million)
  • Underlying earnings per share 0.5 pence (2020: -0.7 pence per share)
  • Proposed final 2021 dividend of 1.0 pence per share resulting in a full-year dividend of 1.5 pence per share 

Covent Garden portfolio valuation growth in H2 2021

  • The independent property valuation of Covent Garden was £1.7 billion, representing a like-for-like increase of 4.6 per cent in the second half of the year and an overall movement of -0.6 per cent for the full year (2020: £1.7 billion)
  • The second half movement was driven by an increase of 3 per cent in ERV on a like-for-like basis as well as a reduction in the equivalent yield of 5 basis points on a like-for-like basis to 3.88 per cent
  • The valuer’s assumption on loss of near-term income has been reduced from £11 million at 30 June 2021 to £nil
  • Realised proceeds from the sale of Covent Garden assets totalling £95 million (before costs)

Strong leasing momentum driving rental growth

  • 60 new leases and renewals were agreed representing £11 million contracted income, in line with previous passing rents
  • H2 2021 leasing transactions representing £5 million income, slightly ahead of June 2021 ERV 
  • Positive start to 2022, leasing pipeline with £3.8 million of income under offer
  • Leasing success with our targeted categories including new signings from TAG Heuer, Glossier and Uniqlo
  • Creative asset management unlocking value and enhancing sustainability profile of the assets
  • EPRA vacancy at 2.6 per cent (Dec 2020: 3.5 per cent)
  • 14 new openings across the estate including Glossier, Ave Mario and 3 Henrietta Street
  • Overall customer sales for the second half of 2021 approaching 2019 levels, with certain categories including premium and luxury outperforming
  • Improving rent collections with 92 per cent of December 2021 to March 2022 quarter collected, 75 per cent of 2021 rents collected (adjusted for monthly payment plans) (2020: 68 per cent)
  • Pedestrianisation of key streets extended; al fresco dining providing over 1,000 covers in total
  • Innovative cultural programme; digital growth and engagement, public art installations and global brand partnerships driving footfall and spend

Delivering environmental and social value

  • Detailed pathway to Net Zero Carbon by 2030 published 
  • Improving EPC ratings across the estate through incremental refurbishment
  • Commitment to enhancing air quality with continued pedestrianisation of streets around the Piazza
  • Customer engagement programme on carbon, water and waste, intending to reduce environmental impact
  • Partnership with the Wild West End, a charitable partnership which aims to enhance the quality of green space and the local environment
  • Employee survey completed with high levels of engagement reported
  • Support provided to homelessness charities, local food banks and the elderly as well as hospitality, retail and cultural foundations
  • Oversight of Environment, Sustainability and Community (“ESC”) strategy by Board Committee

Other investments

  • Investment in Shaftesbury PLC valued at £596 million (Dec 2020: £552 million), compared with a £501 million acquisition cost; dividend income of £2.3 million in July 2021 and £3.9 million since year-end
  • Lillie Square property value of £86 million (Capco share), a decrease of 14.1 per cent (like-for-like) since 31 December 2020. Joint venture net cash position £44.6 million (£22.3 million Capco share)
  • Final £15 million of deferred consideration from the Earls Court sale received in November 2021

Strong balance sheet and significant financial flexibility 

  • Covent Garden net debt of £254 million (Dec 2020: £352 million) and loan to value ratio of 15 per cent (Dec 2020: 19 per cent)
  • Group net debt of £599 million (Dec 2020: £710 million) and net debt to gross assets of 24 per cent (Dec 2020: 28 per cent)
  • Access to Group liquidity comprising undrawn facilities and cash of £652 million (Dec 2020: £1 billion)
  • Completion of a new £300 million unsecured revolving credit facility for Covent Garden, replacing the previous facility which was due to mature in December 2022
  • Early repayment of £75 million nominal of private placement loan notes due to complete shortly
  • Weighted average maturity on drawn debt of 4.9 years (Dec 2020: 5.4 years) and average cost of debt of 2.8 per cent (Dec 2020: 2.6 per cent)







Equity attributable to owners of the Parent




Equity attributable to owners of the Parent per share




0.4% Total return in 2021 (2020: -27.2%) (2019: -9.6%)




EPRA net tangible assets




EPRA net tangible assets per share




Dividend per share



1.5% Total property return in 2021 (2020: -24.4%) (2019: -5.4%)




Property market value1




Net rental income from continuing operations2




Profit/(loss) for the year attributable to owners of the Parent




Headline earnings/(loss) per share




Basic earnings/(loss) per share3




Underlying earnings/(loss) per share4




  1. On a Group share basis. Refer to Property Data on page 65 for the Group’s percentage ownership of property.
  2. On a Group share basis. Refer to note 2 “Segmental Reporting” on page 39.
  3. From continuing and discontinued operations. Refer to note 15 “Earnings Per Share and Net Assets Per Share” on page 47.
  4. From continuing and discontinued operations. Refer to note 3 ‘Underlying Earnings’ on page 41.



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

Director 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 to analysts and investors will take place today at 10:00am at the offices of UBS, 5 Broadgate, London, EC2M 2QS. The presentation will also be available to analysts and investors through a live audio call and webcast and after the event on the Group’s website at

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).