LONDON (dpa-AFX) - Capital & Counties Properties Plc (CAPC.L), on Tuesday, issued trading update for the period from 30 June 2022 to 31 October 2022, and said it is 'well positioned with a strong balance sheet and are confident in the long-term resilience of and prospects for the West End.'
The company noted that the trading performance at Covent Garden remains resilient with positive operational indicators on footfall and sales. Thirty-five new leases and renewals were signed since June, securing £3.0 million of contracted income, 6.2% ahead of 30 June 2022 ERV. There is strong leasing demand ahead of ERV across all uses with a further £2.0 million of rent under offer or under negotiation.
Since the beginning of the year, Capco has secured 60 leasing transactions representing £6.9 million of contracted income, 10.4% ahead of 31 December 2021 ERV.
Ian Hawksworth, Chief Executive of Capco, said, 'Trading activity at Covent Garden remains resilient with strong leasing demand across all uses, and positive footfall and sales metrics. The volatile macroeconomic environment is having an impact on asset valuations, however we are encouraged to continue to see rental growth in our portfolio...'
Capco stated that it has a strong balance sheet and access to significant liquidity of £421 million, comprising £121 million of cash and £300 million of undrawn facilities.
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