Capco, which maintained its interim dividend at 0.5 pence per share compared with the same period last year, also confirmed that it was planning to launch its £2.8bn Covent Garden portfolio as a central London focused real estate investment trust (Reit).
Capco’s share price traded at R37.39 yesterday, with a price to earnings ratio of around 78. The share price was trading at more than R77 per share in 2016, but has fallen due to Brexit.
The demerger was expected to be complete before the end of the year and to list Covent Garden and EC (Earl's Court) Properties separately on the LSE with secondary listings on the JSE.
“Covent Garden is now of a scale and income profile to be strongly positioned as a central London-focused Reit”, chairperson Henry Staunton said in a statement.