Highlights Driving value creation through a clear and focused strategy
- 10 per cent increase in EPRA adjusted, diluted NAV to 342 pence per share (Dec 2014: 311 pence)
- 9 per cent (like-for-like) increase in total property value to £3.4 billion (Dec 2014: £3.0 billion)
- 10 per cent total return for the period
- Proposed interim 2015 dividend of 0.5 pence per share
Creative asset management and strong leasing market driving positive demand across all uses at Covent Garden
- Total property value of £1.8 billion up 9 per cent (like-for-like) (Dec 2014: £1.6 billion)
- ERV up 8 per cent (like-for-like) at £83 million
- On plan to achieve the ERV target of £100 million by December 2017 representing annualised underlying rental growth of circa 10 per cent
- New leases and renewals 11 per cent above December 2014 ERV
- New Zone A rental level of £1,400 per square foot achieved on James Street
- New rental levels achieved for residential and office space
- Development of Kings Court on track
- £50 million of acquisitions consolidating ownership on Henrietta Street and Bedford Street
Plans on track at Earls Court
- Earls Court interests valued at £1.3 billion, up 6 per cent (like-for-like) (Dec 2014: £1.2 billion)
- Earls Court Partnership Limited, the investment vehicle with TfL completed
Capco share 63 per cent and leading the venture
- Demolition of former exhibition centres underway and progressing well
- Construction of Phase 1 of Lillie Square progressing well with first completions expected in 2016
£258 million of sales in Phase 1, crystallising value in this part of the scheme
- Formal sales of Phase 2 of Lillie Square expected to start in September 2015
Venues business reinvigorated and performing ahead of expectations
- EBITDA of £9 million, up 16 per cent compared to the first half of 2014 (full year 2014: £11 million)
- Property valuation of £265 million, up 25 per cent (Dec 2014: £211 million)
Robust and flexible financial position
- Group loan-to-value ratio 13 per cent (Dec 2014: 12 per cent)
- Cash and available facilities of £570 million
- Predominantly unsecured debt model
