Shaftesbury Capital reports strong West End demand
Ahead of its Annual General Meeting today, Shaftesbury Capital PLC has released a positive trading update, highlighting strong occupational demand across its West End portfolio.
The company reported 128 leasing transactions securing 11.3 million pounds in new contracted rent, which is also 9 percent above previous passing rents. Shaftesbury Capital's annualised rent roll has increased by 3 percent since the year-end on a like-for-like basis, reaching 210 million pounds. Occupancy remains high at 98.3 percent, with only 1.7 per cent of ERV available to let.
Chief Executive Ian Hawksworth noted continued positive trends in footfall and sales, alongside high occupancy rates, with overall leasing activity running 8 percent ahead of December 2024 Estimated Rental Value (ERV). 'Customers recognise the exceptional features of London's West End with broad appeal to domestic and international businesses and visitors,' he said.
'We have a strong balance sheet and, despite current macroeconomic uncertainties, we are well-positioned to capitalise on further market opportunities in London's West End, delivering long-term sustained income and value growth for our shareholders," Hawksworth added.
The portfolio also saw several new high-profile openings, including Nespresso, Dolce & Gabbana, Autry, and Farm Rio.
Another important development was the completion of a 2.7 billion pounds long-term partnership with Norges Bank Investment Management (NBIM), the Norwegian sovereign wealth fund, for the Covent Garden estate, yielding approximately 570 million pounds in cash proceeds, which the company intends to use for enhanced investment and expansion opportunities.
Year-to-date acquisitions of 34 million pounds across the portfolio are expected to provide further asset management and rental growth.
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