Realestateweb - Real estate giant Capital & Counties issues new shares - Listed - South Africa's fastest-growing property website

Realestateweb - Real estate giant Capital & Counties issues new shares - Listed - South Africa's fastest-growing property website

JSE listed Capital and Counties Properties PLC (Capco) has issued new shares worth more than R18.6m. The placing price will be determined through an accelerated bookbuild launched on May 5 2011. A third of the company's shareholders are South African.

A company statement says the proceeds will predominantly be used to fund acquisitions at Covent Garden and for ongoing repositioning of assets at its central London estate. Capco says it has identified a number of potential acquisitions of various sizes that the board believes will become available in coming months.

Capco is a non-mining rand hedge on the JSE with its asset base in and around the London city centre. It's been responsible for the revamping of the historic Covent Garden on the eastern fringes of the West End and areas of the populous Earls Court district.

Covent Garden reportedly hosted foot traffic of 45m last year alone. It has mainly been associated with the former fruit and vegetable market located in the central square which is now a popular shopping and tourist site. Capco has concentrated its efforts on rejuvenating both Covent Garden and Earls Court and has its sights set on peripheral properties for refurbishment and development.

The company's ultimate aim is to improve rental levels at Covent Garden with the board seeing ongoing repositioning of assets at its estate.

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Denny Crane

Denny Crane
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