(Corrects to as much as 260 mln stg in paragraph 1, removes
reference to nominal share value in paragraph 2)
LONDON May 14 British property developer
Capital & Counties said it would raise as much as 260
million pounds ($438 million) through a share placing to invest
in its Covent Garden estate and Earls Court regeneration
The company said on Wednesday that it would place up to
75,900,000 new shares, representing approximately 9.99 percent
of its issued share capital, immediately prior to the placing.
Shares in Capco closed at 348.9 pence on Tuesday.
"The capital raised through this placing would provide Capco
with the financial flexibility and strength to accelerate a
number of strategic investment opportunities across both estates
over the short to medium-term," the company said.
The popularity of its Covent Garden estate, a tourist
destination in London with numerous shop and food outlets, has
helped Capco's net asset value to grow to 1.9 billion pounds
from 791 million pounds over the four years to end-2013.
It said it expects to spend 85 million pounds in
redevelopment at Covent Garden and to also buy up further
At Earls Court, a 77-acre regeneration scheme that Capco is
leading in west London, it said it would use the cash to
demolish the Earls Court Exhibition Centre in 2015 and to buy
land around the site. ($1 = 0.5939 British Pounds)
(Reporting by Brenda Goh; editing by Kate Holton)