CapCo losses widen on Brexit worries
Updated : 09:52
Full year pre-tax losses widened at Capital & Counties Properties to £119.3m from £62.5m as both net asset value and net rental income came in lower on the back of Brexit worries.
Revenue fell to £83.5m from £87.7m, while EPRA net asset value was 2.4% to 326p. Net rental income fell to £64.4m for the year, from £66.9m.
CapCo's total property value fell 2.4% to £3.3bn. It said “economic and political uncertainty” had impacted the London residential market, resulting in a further valuation decline in its Earls Court investment – down 15.6% to £658m.
“Economic uncertainty resulting from the UK's decision to leave the EU could impact the property market further,” the company said.
A final dividend of 1p a share was declared for a total of 1.5p a share.