Capco buys £67.5m London freehold

Capital & Counties has acquired the freehold interest in Tower House in Covent Garden in London from Derwent London for £67.5m.

Johannesburg - Capital & Counties (Capco), the listed specialist central London property company, has acquired the freehold interest in Tower House in Covent Garden in London from Derwent London for £67.5 million (R1.13 billion).

Capco said yesterday that the property was a substantial corner building located at the junction of Southampton and Tavistock Street with views towards the piazza.

It said the multi-let building produced an annual rental income of £3.1m across 4 989m², which comprised 1 282m² of retail, 3 437m² of offices and 269m² of residential accommodation.

Ian Hawksworth, the chief executive of Capco, said the acquisition was in line with Capco’s strategy to expand its footprint, acquire prime assets and invest in its estate.

Hawksworth said Covent Garden was a world class retail and dining destination.

John Burns, the chief executive of Derwent London, said the disposal was in line with their June 2016 valuation and its total sales of £140m so far this year demonstrate their continued ability to recycle capital.

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