LONDON (ShareCast) - (ShareCast News) - Capital & Counties posted its interim results for the six months to 30 June on Tuesday, reporting equity attributable to owners of the parent of £2.8bn - down from £2.9bn at the start of the period.
The FTSE 250 firm said its EPRA adjusted, diluted net asset value was down 5% to 344p per share, compared with 361p at the end of December.

Total property value stood at £3.6bn, down 4% on a like-for-like basis from £3.7bn.

Capco's board proposed an interim dividend of 0.5p per share, in line with the interim dividend paid for the first half of 2015.

The company maintained it has a strong financial structure, with a group loan-to-value ratio of 20%, up from 16%, and cash and available facilities of £457m, up from £412 million at the start of the period.

Capital commitments stood at £194m, down from £207m.

Capco posted EBITDA of £11m, up 19% compared to the first half of 2015, and its property valuation remained unchanged over December 2015 at £295m.

"We have two of London's very best estates at Covent Garden and Earls Court," said chief executive Ian Hawksworth.

"Covent Garden is established as a world class retail location, attracting high retailer and consumer demand and continues to deliver immediate value creation.

"We are delighted to have signed brands such as Mulberry and Petersham Nurseries over the period," Hawksworth added.

Capco said it was continuing to make positive progress on site at Earls Court, adding that while the last quarter had been characterised by uncertainty in the London market, the value of the estate will still be increasingly realised in the years to come/

"The business is in a strong financial position with a low LTV and high liquidity.

"Capco's strategy remains unchanged as we aim to deliver value creation for shareholders over time from two exceptional real estate investments in the world's greatest city.

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