Capital & Counties has posted a £211.8m full-year loss but a stable valuation in its final set of results ahead of its planned merger with Shaftesbury.
The bottom line compares to a £34.8m loss for 2021.
The value of the West End landlord’s key Covent Garden assets was flat at £1.7bn as of the end of last year. Total portfolio value of £2.2bn was down from £2.4bn.
Underlying net rental income rose from £48.9m to £57.2m. Over the year the company signed 71 new leases and renewals representing £10m of income, 13% ahead of 31 December ERV.
Chief executive Ian Hawksworth said: “There is positive momentum across the Covent Garden estate with strong demand, high occupancy levels and rental growth across all uses which has continued into 2023.
“Despite the macroeconomic backdrop, the West End has clearly demonstrated its resilience and enduring appeal with strong recovery in footfall and customer sales ahead of pre-pandemic levels. We therefore look ahead with confidence to completing the merger of Capco and Shaftesbury.”
CapCo and Shaftesbury’s merger was cleared by the Competition and Markets Authority in February and is expected to close in the coming week.
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