(Sharecast News) - Property investment and development company Capital & Counties said on Tuesday that the value of its Covent Garden estate had fallen more than a quarter in 2020 as a result of the Covid-19 pandemic and its impact on the retail sector.
Capital & Counties said an independent property valuation for its Covent Garden estate came to £1.8bn, down 13% from the end of June and 2017 from the end of 2019.
The FTSE 250-listed firm stated the bulk of the valuation drop was in its retail, leisure and food and beverage portfolio, which makes up 75% of its total property value, all of which were hit hard by UK-wide lockdown restrictions.
Capco also said it had received 42% of December rent payments as of 28 January, broadly in line with those collected at the same time in the prior quarter, but added that it was also still waiting for rent payments from earlier in 2020.
Chief executive Ian Hawksworth said: "Whilst there are significant near-term challenges to trading and an uncertain economic outlook due to the impact of the pandemic, we are encouraged by the enduring appeal of Covent Garden for customers as evidenced by recovery in footfall and trade following easing measures in the second half of 2020."
As of 0920 GMT, Capco shares were down 2.21% at 132.80p.
6 Jul 2021 13:04
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