The London and JSE-listed property group had cash and other facilities of £458m at the end of September‚ well up on the £248m available in June. The pro forma debt-to-assets ratio was at nine percent‚ much improved from 24% at the end of the interim stage.
Hawksworth said there was scope to unlock value at Covent Garden in the West End of London‚ through continued investment in the district‚ expansion of the portfolio through acquisitions and new retailer and restaurant lettings.
An equity placing last month raised £149m to fund further growth‚ and more than £60m has been invested in Covent Garden since July through new acquisitions on Wellington, Floral and Henrietta Streets.
The company's shares rose a percent or 23c to R32.43 per share on the Johannesburg Securities Exchange broadly in line with gains in the listed property sector.
The disposal of assets in The Great Capital Partnership‚ a partnership with Great Portland Estates‚ and the recycling of capital back into the core business continued with the sales of 100 Regent Street and Regent Arcade House in September releasing £56m. This followed on the heels of the sale of the Jermyn Street Estate in July for £60m.
Hawksworth says the company's final asset in China had been contracted for sale and cash proceeds of £5m were expected by the end of the year.
"Key milestones have been reached for the Earls Court Masterplan‚ including the London Borough of Hammersmith & Fulham's positive planning decision announced in September. We look forward to reporting further progress by the end of the year‚" said Hawksworth.
Another significant milestone was the completion of the joint venture agreement for Seagrave Road‚ providing £68m in cash for the group.
Work on the site to create 808 homes and a new garden square was expected to start next year.
The EC&O Venues business performed in line with expectations‚ with 57% of budgeted business already contracted for next year.
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