Capital & Counties lowers debt with £105mln Earls Court receipt

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Capital & Counties Properties PLC (LON:CAPC) said it had cut its debts with the receipt of  £105mln deferred from the £425mln sale of its Earls Court development a year ago.

The cash will be used to reduce its Covent Garden loan facility, said Capco, which will be approximately £475mln as a result with a loan to value ratio of 23% (30 June 2020: 36%).

Final payment of £15mln for Earls Court is due to be received in November 2021, said the London property owner.

Overall, on 19 November 2020 Capco said its net debt was approximately £700mln representing a net debt to gross assets ratio of 25% (30 June 2020: 26%).

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