Capital & Counties lowers debt with GBP105mln Earls Court receipt

Capital & Counties Properties PLC (LON:CAPC) said it had cut its debts with the receipt of GBP105mln deferred from the GBP425mln 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 GBP475mln as a result with a loan to value ratio of 23% (30 June 2020: 36%).

Final payment of GBP15mln 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 GBP700mln representing a net debt to gross assets ratio of 25% (30 June 2020: 26%).