LONDON (dpa-AFX) - Capital & Counties Properties Plc (CAPC.L) said that three new properties acquired in Covent Garden in March and tenant activity remains strong with several recent openings.
In an interim management statement, the company noted that progress continues on the Earls Court Masterplan with the Supplementary Planning Document for the ECOA adopted by both RBKC and LBHF in March. Planning consent was granted for the Seagrave Road development following the signing of the Section 106 agreement in March.
Ian Hawksworth, Chief Executive of Capital & Counties Properties PLC, commented,
'Capco has had an active start to the year maintaining momentum and continuing progress against its strategy of creative rejuvenation in Covent Garden, achieving planning milestones for the Earls Court Masterplan and Seagrave Road as well as recycling capital back into the business. The Queen's Diamond Jubilee celebrations and the Olympics will place a spotlight on London in 2012 and this should benefit the Group which is focused on landmark locations in the capital.'
Separately, Capital & Counties Properties said it has agreed a new five year 70 million pounds revolving credit facility with BNP Paribas (BNP.L, BNPQY.PK) and HSBC Bank plc (HBC, HSBA.L), secured on certain assets at Covent Garden. The facility is Capco's first revolving credit facility and establishes a more flexible financing structure.
Capco has over 830,000 sq ft of assets in Covent Garden, predominantly focused in retail and dining. The Covent Garden estate represents 50 per cent of Capco's gross assets. Its other assets include the Earls Court exhibition centres where Capco has submitted outline planning applications for the redevelopment of a 77 acre site for Sir Terry Farrell's Masterplan for the Earls Court & West Kensington Opportunity Area, as well as the Olympia Exhibition Centre.
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© 2012 AFX News
