Capital & Counties Properties Plc's investment in its Earls Court scheme in London saw an 11.8% like-for-like value decline to £1.0 billion in 2017 from the previous year.
The U.K.-based real estate company noted in its preliminary results release for 2017 that the 2016 valuation of the scheme was £1.1 billion. Its Earls Court properties saw a £131.0 million revaluation loss in 2017.
"Economic and political uncertainty has impacted the London residential market, resulting in a decline in the valuation of our Earls Court interests," company Chairman Ian Durant said.
Capital & Counties has a 63% controlling interest in Earls Court Partnership Ltd., or ECPL, which is the company's investment vehicle with Transport for London.
ECPL has completed the final phase of the demolition of the former Exhibition Centres in preparation for future development. In the first phase of Lillie Square, 182 new homes had been delivered to residents by the end of 2017.