Christian Candy’s CPC Group said it will make a £133m profit this year and has net assets of £200m.
It said net assets, on a cost basis and after dividends, were £200m. It forecasts a growth to £250m at its half-year end on 31 December.
Not all of CPC’s assets are detailed in this calculation, but it includes One Hyde Park in London’s Knightsbridge and 9900 Wilshire in Beverly Hills, which is subject to default proceedings on a $359m (£240m) loan.
Nor has it disclosed the basis for the upward valuation of its net assets, at a time when UK property values have declined dramatically. However, the higher figure incorporates the expected sale of its equity stake in Chelsea Barracks to Qatari Diar, the real estate investment arm of the Qatari royal family.
CPC Group said its net assets by 2010, when One Hyde Park is completed, will total around £750m.
Christian Candy was confident that the underlying debt at the Beverly Hills scheme can be restructured, ‘allowing us to retain control of this prime asset’.
CPC’s chief financial officer, Richard Williams, said: ‘The positives are that, despite the market downturn and although we lost control of the Noho Square site in London, because we have put the group together the way we have we are insulated from these events. One failure does not cause a group failure.’
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