LONDON (dpa-AFX) - Capital & Counties Properties Plc. (CAPC.L) confirmed Monday that it has received 105 million pounds of deferred cash consideration from the Earls Court sale. The final payment of 15 million pounds is due to be received in November 2021.
The company said it will use proceeds to reduce borrowings under the Covent Garden revolving credit facility.
On a pro forma basis Capco's net debt would be about 700 million pounds representing a net debt to gross assets ratio of 25 per cent compared to 26 per cent at 30 June 2020. On the same basis, net debt for Covent Garden would be about 475 million pounds and the loan to value ratio would be 23 per cent compared to 36 per cent at 30 June 2020.
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