Capco purchases Tower House from Derwent London for £67.5m
Capital & Counties Properties PLC has acquired the freehold interest of Tower House, 10 Southampton Street, Covent Garden, from Derwent London PLC for £67.5m before purchaser's costs.
The property is a substantial corner building located at the junction of Southampton Street and Tavistock Street with views towards the Piazza. The multi-let building produces an annual rental income of £3.1m across 53,700 sq ft which comprises 13,800 sq ft of retail, 37,000 sq ft of offices and 2,900 sq ft of residential accommodation.
Ian Hawksworth, Chief Executive of Capco, commented:
"Covent Garden is a world class retail and dining destination and Southampton Street is an important gateway to the estate. This acquisition is in line with our strategy to expand our footprint, acquire prime assets and invest in our estate."
John Burns, Chief Executive Officer of Derwent London, commented:
"This disposal is in line with our June 2016 valuation and with our total sales of £140m year to date, demonstrates our continued ability to recycle capital."
Capital & Counties Properties PLC (Capco)
Capital & Counties Properties PLC is one of the largest investment and development property companies that specialises in central London real estate and is a constituent of the FTSE-250 Index. Capco's landmark London estates are valued at £3.6 billion1 (as at 30 June 2016): Covent Garden, which has assets valued at £2.1 billion including the historic Market Building; and Earls Court Properties including the Empress State Building together with the Venues business with aggregate property assets of £1.2 billion. The company is listed on the London Stock Exchange and the Johannesburg Stock Exchange.
Capco Covent Garden
Covent Garden is one of the most distinct and vibrant estates in London. The district is now home to Chanel, Dior, Balthazar and Ivy Market Grill and has recently unveiled some of the finest residential properties in London.
Capital & Counties Properties PLC ('Capco') is responsible for the management and curation of over 1 million sq. ft. of space at Covent Garden valued at £2.1 billion (as at 30 June 2016). Under Capco's stewardship, Covent Garden has been transformed into a world-class destination, welcoming over 44 million customer visits a year.