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Interim Results for the six months ended 30 June 2022

Strong leasing activity and demand across all uses, growth in portfolio value, income and dividends

Footfall continues to trend towards pre-pandemic levels, customer sales in aggregate ahead of 2019

Ian Hawksworth, Chief Executive of Capco, commented:

“There has been strong operational progress at Covent Garden with high occupancy levels and excellent demand across all uses. Leasing activity for the first half was 9% ahead of Dec 21 ERV resulting in a 5% valuation uplift. The progress reflects the continued attraction of London’s West End to domestic and a growing number of international visitors, with customer sales in aggregate ahead of 2019. Whilst the broader macroeconomic and political outlook remains uncertain, Capco is very well positioned with a strong balance sheet, low leverage and high liquidity.

We are delighted that shareholders have recognised the benefits of the merger with Shaftesbury PLC by voting in favour of the transaction last week. Blending the best of both companies, Shaftesbury Capital aims to be a leading central London mixed-used REIT with an exceptional portfolio of approximately 670 properties across the West End delivering sustainable value for shareholders.”

Update on proposed Merger

On 16 June 2022, Capco announced its intention to merge with Shaftesbury PLC and the shareholder approval conditions were satisfied on 29 July 2022. Completion of the Merger is subject to clearance by the CMA, and it is expected to complete by the end of 2022.

Key financials

  • Total equity of £1.8 billion (Dec 2021: £1.8 billion)
  • EPRA NTA 209 pence per share (Dec 2021: 212 pence per share)
  • Total property value increased 4.5 per cent (like-for-like) to £1.9 billion (Dec 2021: £1.8 billion)
  • Group net debt to gross assets ratio of 25 per cent (Dec 2021: 24 per cent)
  • Covent Garden loan to value ratio of 20 per cent (Dec 2021: 15 per cent)
  • Underlying earnings of 0.5 pence per share (Jun 2021: nil pence per share)
  • Proposed interim dividend of 0.8 pence per share (Jun 2021: 0.5 pence per share)

Strong demand across all uses delivering income and value growth

  • Covent Garden total property value of £1,817 million, 4.8 per cent like-for-like growth since Dec 2021
  • ERV increased by 3.9 per cent (like-for-like) to £79.2 million (Dec 2021: £76.2 million) and inward movement in equivalent yield by 6 basis points to 3.82 per cent (Dec 2021: 3.88 per cent)
  • Strong leasing demand across all uses with 25 new leases and renewals agreed 9 per cent ahead of Dec 2021 ERV representing £3.9 million contracted income with a further £3.1 million under offer
  • Footfall continues to trend towards pre-pandemic levels, customer sales in aggregate ahead of 2019 levels
  • Low EPRA vacancy at 2.0 per cent (Dec 2021: 2.6 per cent)
  • Rent collection patterns continuing to normalise with 95 per cent of H1 2022 rent collected
  • 11 new openings across the estate including Reformation, TAG Heuer and Chestnut Bakery
  • Extensive cultural programme; public art installations, pop-up bars and terraces across the estate

Commitment to environment, sustainability and community

  • Joined the UN Race to Zero supporting commitment to becoming Net Zero Carbon by 2030
  • Initiated first Carbon Risk Real Estate Monitor (“CRREM”) analysis on a number of properties
  • Recognised as a Climate Leader in the 2022 Financial Times survey
  • Continued improvement of EPC ratings across the portfolio
  • Implemented rainwater harvesting at Floral Court; expected to provide c.50 per cent of estate cleaning requirements p.a.

Resilient and flexible capital structure

  • Repayment of £200 million drawn debt comprising £75 million of private placement notes and the £125 million loan secured against shares in Shaftesbury
  • Liquidity of £439 million (cash of £139 million and £300 million undrawn facilities) (Dec 21: £642 million)
  • Covent Garden net debt of £359 million (Dec 2021: £254 million) and loan to value ratio of 20 per cent (Dec 2021: 15 per cent)
  • Group net debt of £605 million (Dec 2021: £599 million) and net debt to gross assets of 25 per cent (Dec 2021: 24 per cent)
  • Weighted average maturity on drawn debt of 5 years (Dec 2021: 5 years) and average cash cost of debt of 2.7 per cent (Dec 2021: 2.8 per cent)
  • Group capital commitments of £5.6 million (Dec 2021: £5.4 million)

Other investments

  • Investment in Shaftesbury PLC valued at £506 million, based on share price (Dec 2021: £596 million), dividend income from Shaftesbury PLC shares of £3.9 million received in H1 2022 and a further £4.7 million in July 2022
  • Lillie Square property value of £84 million, a decrease of 1.8 per cent (like-for-like) since Dec 2021. £35 million cash distribution from the joint venture (£17.5 million Capco share)



Six months

ended 30 June


Six months

ended 30 June


Year ended

31 December


Total equity




Total equity per share




-1.2% Total return for six months ended 30 June 2022 (full year 2021: 0.4%)




EPRA net tangible assets1




EPRA net tangible assets per share1




Dividend per share




5.9% Total property return for six months ended 30 June 2022 (full year 2021: 1.5%)




Property market value2




Net rental income3




(Loss)/profit for the period




Headline (loss)/earnings per share1




Basic (loss)/earnings per share1




Underlying earnings per share4



  1. Refer to note 14 “Earnings per share and Net Assets Per Share” on page 40.
  2. On a Group share basis. Refer to Analysis of Property Portfolio on page 57 for the Group’s percentage ownership of property.
  3. On a Group share basis. Refer to note 2 “Segmental Reporting” on page 31.
  4. Refer to note 3 “Underlying Earnings” on page 35.


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 9.00am 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).