Latest news with #IanHawksworth
Fashion Network
29-07-2025
- Business
- Fashion Network
West End's strong 'seven-days-a-week trading' gives Shaftesbury Capital reasons to be happy in H1
With the pandemic now long disappeared from the rearview mirror, the UK's commercial property sector continues to prosper year-on-year. And reflecting that performance is Shaftesbury Capital, reporting Tuesday (29 July) that half-year results to 30 June saw an ongoing 'strong performance', according to CEO Ian Hawksworth, who talked of 'growth in rents, earnings, dividends, valuation and [net tangible assets]'. And of course, having London's West End (worth £5.2 billion across 2.7 million sq ft of lettable space and attracting around 200 million visitors annually) as your key asset, he said the area's portfolio 'continues to be busy and vibrant with high footfall and seven days a week trading'. Those positives meant H1 gross profit grew 11% to £89.2 million, while growth in underlying earnings lifted 16% to £40.6 million across a portfolio. Valuation increased by 3.1% to £5.2 billion 'driven by [estimated retail value] growth and stable yields'. Net tangible assets were up 3.3% at £3.8 billion. West End leasing demand remains 'strong' with 193 transactions (representing £19.2 million of contracted rent) completed 9% ahead of December 2024's estimated ERV, it noted. Investment activity is mainly focused on Covent Garden and Carnaby/Soho. During the period, £71 million was invested in its portfolio, comprising £15.8 million in capital expenditure and £55 million in targeted acquisitions (before costs), 'presenting asset management opportunities with excellent rental growth prospects'. In recent months, Soho and Carnaby Street welcomed a number of openings, 'reinforcing the area's position as one of London's most vibrant shopping districts'. On Carnaby Street, Tala opened its first UK store delivering a range of activewear, Farm Rio opened its first dedicated store in the West End, and UK-Korean beauty retailer Pureseoul launched its largest flagship to date. US shoe brand Autry debuted its first UK store on Beak Street, Charlotte Tilbury will open a new flagship later this year in a gateway unit to Carnaby Street at one of its key entrance points, and MAC Cosmetics launched a new experience-led concept as part of a relocation on Carnaby Street. Looking to the current H2, Shaftesbury Capital said it's begun with 'positive momentum' and is well positioned to grow the business and take advantage of market opportunities in London's West End'.
Fashion Network
29-07-2025
- Business
- Fashion Network
West End's strong 'seven-days-a-week trading' gives Shaftesbury Capital reasons to be happy in H1
With the pandemic now long disappeared from the rearview mirror, the UK's commercial property sector continues to prosper year-on-year. And reflecting that performance is Shaftesbury Capital, reporting Tuesday (29 July) that half-year results to 30 June saw an ongoing 'strong performance', according to CEO Ian Hawksworth, who talked of 'growth in rents, earnings, dividends, valuation and [net tangible assets]'. And of course, having London's West End (worth £5.2 billion across 2.7 million sq ft of lettable space and attracting around 200 million visitors annually) as your key asset, he said the area's portfolio 'continues to be busy and vibrant with high footfall and seven days a week trading'. Those positives meant H1 gross profit grew 11% to £89.2 million, while growth in underlying earnings lifted 16% to £40.6 million across a portfolio. Valuation increased by 3.1% to £5.2 billion 'driven by [estimated retail value] growth and stable yields'. Net tangible assets were up 3.3% at £3.8 billion. West End leasing demand remains 'strong' with 193 transactions (representing £19.2 million of contracted rent) completed 9% ahead of December 2024's estimated ERV, it noted. Investment activity is mainly focused on Covent Garden and Carnaby/Soho. During the period, £71 million was invested in its portfolio, comprising £15.8 million in capital expenditure and £55 million in targeted acquisitions (before costs), 'presenting asset management opportunities with excellent rental growth prospects'. In recent months, Soho and Carnaby Street welcomed a number of openings, 'reinforcing the area's position as one of London's most vibrant shopping districts'. On Carnaby Street, Tala opened its first UK store delivering a range of activewear, Farm Rio opened its first dedicated store in the West End, and UK-Korean beauty retailer Pureseoul launched its largest flagship to date. US shoe brand Autry debuted its first UK store on Beak Street, Charlotte Tilbury will open a new flagship later this year in a gateway unit to Carnaby Street at one of its key entrance points, and MAC Cosmetics launched a new experience-led concept as part of a relocation on Carnaby Street. Looking to the current H2, Shaftesbury Capital said it's begun with 'positive momentum' and is well positioned to grow the business and take advantage of market opportunities in London's West End'.
Fashion United
22-05-2025
- Business
- Fashion United
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.
Fashion Network
22-05-2025
- Business
- Fashion Network
Shaftesbury Capital says London West End signings have accelerated this year
One of the West End of London's biggest retail landlords, Shaftesbury Capital, issued a trading update on Thursday saying it's continuing to see strong demand for its properties. The company controls key areas such as Carnaby Sreet, much of Soho and Covent Garden. CEO Ian Hawksworth cited year to date 'positive trends in footfall and sales, high occupancy and leasing activity overall 8% ahead of December 2024 ERV [estimated rental value]. Customers recognise the exceptional features of London's West End with broad appeal to domestic and international businesses and visitors. 'The establishment of our long-term Covent Garden partnership with NBIM [Norges bank] enhances growth and expansion opportunities across our portfolio whilst strengthening our financial position and providing significant optionality to the group. 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.' Recent months have seen strong occupational demand with 128 leasing transactions, representing £11.3 million of new contracted rent. The annualised rent roll has increased 3% since year end on a like-for-like basis, reaching £210 million. And it's seeing high occupancy with only 1.7% of ERV available to let compared to 2.6% at the end of last year. And the completion of the £2.7 billion long-term partnership with NBIM in respect of the Covent Garden part of its estate means around £570 million of cash proceeds provides 'financial flexibility for enhanced investment and expansion opportunities'. It has made £34 million of acquisitions across the portfolio in the year so far, 'presenting excellent asset management and rental growth opportunities'. The aforementioned completed 128 leasing transactions include Covent Garden signings such as Charlotte Tilbury, Alo and Dolce & Gabbana, alongside lettings to Swatch on James Street, Sunspel on Floral Street, Thule on Neal Street and social gaming experience Spyscape, which will open its debut UK location on Wellington Street. Recent signings on Carnaby Street include digitally native brand TALA, which is set to open its first store, joining Farm Rio, Missoma and Korean beauty store PureSeoul. There have also been a number of openings across Soho including Autry (only this week), De La Vali and Reign Wear. The company said its extensive marketing programme focusing on the consumer calendar continues to support the footfall and sales growth in its destinations. During the period, it hosted successful Chinese New Year festivities and events around the Easter trading period as well as several brand partnerships including Chanel on Covent Garden's Piazza.
Fashion Network
22-05-2025
- Business
- Fashion Network
Shaftesbury Capital says London West End signings have accelerated this year
One of the West End of London's biggest retail landlords, Shaftesbury Capital, issued a trading update on Thursday saying it's continuing to see strong demand for its properties. The company controls key areas such as Carnaby Sreet, much of Soho and Covent Garden. CEO Ian Hawksworth cited year to date 'positive trends in footfall and sales, high occupancy and leasing activity overall 8% ahead of December 2024 ERV [estimated rental value]. Customers recognise the exceptional features of London's West End with broad appeal to domestic and international businesses and visitors. 'The establishment of our long-term Covent Garden partnership with NBIM [Norges bank] enhances growth and expansion opportunities across our portfolio whilst strengthening our financial position and providing significant optionality to the group. 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.' Recent months have seen strong occupational demand with 128 leasing transactions, representing £11.3 million of new contracted rent. The annualised rent roll has increased 3% since year end on a like-for-like basis, reaching £210 million. And it's seeing high occupancy with only 1.7% of ERV available to let compared to 2.6% at the end of last year. And the completion of the £2.7 billion long-term partnership with NBIM in respect of the Covent Garden part of its estate means around £570 million of cash proceeds provides 'financial flexibility for enhanced investment and expansion opportunities'. It has made £34 million of acquisitions across the portfolio in the year so far, 'presenting excellent asset management and rental growth opportunities'. The aforementioned completed 128 leasing transactions include Covent Garden signings such as Charlotte Tilbury, Alo and Dolce & Gabbana, alongside lettings to Swatch on James Street, Sunspel on Floral Street, Thule on Neal Street and social gaming experience Spyscape, which will open its debut UK location on Wellington Street. Recent signings on Carnaby Street include digitally native brand TALA, which is set to open its first store, joining Farm Rio, Missoma and Korean beauty store PureSeoul. There have also been a number of openings across Soho including Autry (only this week), De La Vali and Reign Wear. The company said its extensive marketing programme focusing on the consumer calendar continues to support the footfall and sales growth in its destinations. During the period, it hosted successful Chinese New Year festivities and events around the Easter trading period as well as several brand partnerships including Chanel on Covent Garden's Piazza.
