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Capital & Counties takes another blow at Earls Court with further write-down

Earls Court's performance is in stark contrast to Capco's thriving Covent Garden portfolio

Earls Court
Earls Court is one of West London's hot spots

London-focused property group Capital & Counties {LC (LON:CAPC) has received more bad news on its Earls Court masterplan development.

A review by partner Transport For London has led Capco to reduce further the value of its stake in ECPL, the joint venture developing the project, by 10.5% to £412mln.

The reduction would have knocked 6p off group NAV for 2018 of 326p per share, said the property owner.

Earls Court's performance is in stark contrast to Capco's thriving Covent Garden portfolio.

In February, the company said it was considering spinning off EPCL after a near 16% reduction in its value during 2018.

That was before this latest independent valuation by TFL.

Broker Liberum said that another decline in the value of ECPL was ‘unsurprising’ though the scale of the deterioration was larger than expected.

“We would expect discussions around a potential sale of Earls Court, or a de-merger, to remain ongoing and this could still generate some equity upside given the group’s valuation.”

Shares eased 2% to 209.6p, valuing the group at £1.81bn.

Quick facts: Capital & Counties

Price: 265.2 GBX

Market: LSE
Market Cap: £22.43 m

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