LONDON (ShareCast) - (Sharecast News) - Capital & Counties confirmed on Monday that it has received £105m of deferred cash consideration from the sale of Earls Court.
The FTSE 250 company said the amount was a scheduled payment following the sale announced in November 2019, with the final payment of £15m is due to be received in November 2021.

It said the receipt further enhanced its financial flexibility and liquidity, with the proceeds to be used to reduce borrowings under the Covent Garden revolving credit facility.

"Based on Capco's net debt and the independent valuation of its property portfolio as at 30 June, and taking into account the proceeds of the sale of the Wellington Block of £76.5m, payments in respect of Shaftesbury shares acquired in August and November of £153m in total, and the proceeds of the exchangeable bond issue announced on 19 November of £275m, on a proforma basis Capco's net debt would be approximately £700m, representing a net debt-to-gross assets ratio of 25%," the board said, reducing from 26% at the end of June.

"On the same basis, net debt for Covent Garden would be approximately £475m, and the loan-to-value ratio would be 23%," which was a reduction from 36% on 30 June.

At 0829 GMT, shares in Capital & Counties Properties were down 1.03% at 134.6p.

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