Experimental feature

Listen to this article

Experimental feature

The property company Capital & Counties said on Wednesday its large-scale development site at Earls Court had shed a fifth of its value in a year thanks to “adverse conditions in the London residential market”.

The more than 70 acre site was valued at £1.1bn at the end of 2016, down 20 per cent from its £1.4bn valuation at the end of 2015.

This pushed the £2.5bn group, which also owns a large area of Covent Garden, to a £119m loss for the calendar year, down from profits of £431m a year earlier, it said in final results released on Wednesday.

It is proposing a final 2016 dividend of 1p a share, bringing the full-year dividend to 1.5p a share, unchanged from last year.

Ian Durant, chairman, said:

2016 was a year of notable political and economic dislocation which has affected the London property market. London remains a very attractive investment market, a desirable retail destination and residential location.

Looking through short-term market movements Capco’s long-term strategy for its two unique estates remains unchanged.

Get alerts on Companies when a new story is published

Copyright The Financial Times Limited 2019. All rights reserved.
Reuse this content (opens in new window)

Comments have not been enabled for this article.

Follow the topics in this article