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Capital & Counties is dragging its Covent Garden properties up market. Out go the down-at-heel grub merchants, in come the fashion boutiques. Goodbye, Cornish Pasty Company; hello, Chanel.
The strategy has worked, broadly. The net asset value of its prime London properties has almost doubled over the past three years. CapCo’s shares have performed even better, more than doubling in price since they floated in 2010.
But investors may have got carried away with the good news. CapCo’s shares now trade at a 30 per cent premium to the group’s net assets per share, compared with a 16 per cent premium at London-focused peer Great Portland Estates.
|Year to December 31||% change|
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