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CapCo on track for £100M ERV target at London scheme


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CapCo on track for £100M ERV target at London scheme

CEO Ian Hawksworth said its CoventGarden scheme in London is on track to deliver an estimated rentalvalues target of £100 million by December 2017.

Thecompany signed 37 new leases in year-to-date at the estate, reflecting apassing rent of £4.5 million, according to its business update for the periodbetween Jan. 1 and May 6.

Inthe company's London development pipeline, demolition work at the former Earls Court ExhibitionCentres to ground level is slated for completion in the second half.Construction at Phase 1 of LillieSquare is also on track for completion in the second half, while unit sales at Phase2 are underway. The company noted that 37 units have been reserved or exchangedout of 70, at prices 5% above Phase 1 units.

Morethan £300 million worth of sales have been achieved across the Lillie Squarescheme since it was released.

Constructionat the Kings Court scheme is "progressing well" and the developmentis on track for a 2017 completion, the news release said.

Basedon Dec. 31, 2015, property values, the company's loan-to-value ratio was at18%, with more than £450 million of liquidity. The weighted average cost ofdebt was at 2.8%.