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Real estate business Capital & Counties Properties reported a fall in annual value to its property portfolio despite a recovery in the second-half of the year.
As at 31 December 2021, the independent property valuation of Covent Garden was £1.7 billion, representing a like-for-like increase of 4.6% in the second half of the year and an overall decline 0.6% for the full year.
The second half movement was driven by an increase of 3% in estimated rental value on a like-for-like basis 'reflecting the positive leasing activity and high occupancy levels across the estate as well as a reduction in the equivalent yield of 5 basis points on a like-for-like basis to 3.88 per cent,' the company said.
Rent collection in relation to the first quarter of 2022, invoiced in December 2021, was currently 86%, the company said.