Real Estate Investor Magazine South Africa April 2018 - 100th Issue! | Page 43

REITS
Capital & Counties Properties
Twelve months ended 31 December 2017
Total asset value: £3.5b
Properties in portfolio: 78
Market cap: 37,350,155,823
Gearing: 21%
Capital & Counties Properties
PLC (Capco) is one of the larg-
est listed property companies in
central London. The company's
key assets are the Covent Gar-
den and Earls Court estates.
Capco creates and grows value
through a combination of asset
management, strategic invest-
ment and selective development.
CEO: Ian Hawksworth
PROPERTY VALUE
RESILIENT TURNED ONTO IT’S HEAD
Des de Beer
CEO of Resilient
Back in February, damning reports were released, questioning the Resilient Group’s
high premiums to net asset values. The group, consisting of Resilient Reit, Nepi
Rockcastle, Fortress, and Greenbay, saw R110b wiped off its value upon the release of
the reports. The group has been accused of questionable accounting, casting doubt
over its stellar performance over the last few years. Since the start of 2018, Resilient’s
share price has fallen more than 40%, Nepi Rockcastle nearly 30%, Greenbay 13%, and
Fortress B more than 50%. This has seen the listed property market being turned on
its head, with funds with high exposure to the Resilient Group seeing massive losses.
Last year, investors had a good year with the group, as Resilient was up around 35%,
Greenbay up a massive 60%, and Fortress over 30%.
SA Real Estate Investor Magazine APRIL/MAY 2018
41