Latest news with #Shaftesbury
BBC News
5 days ago
- General
- BBC News
Dorset Day: 'I said I'll stay three months - I'm still here'
Dorset Day is being marked in celebration of the county's heritage and beauty, with events taking place throughout the yellow and red county flag, known as the Dorset Cross or St Wite's Cross, and the county civic flag have been raised at County Hall in Feast of St Wite, the county's patron saint, also falls on saint's origins are unknown but she is understood to have been a local woman from the west of the county who worked tirelessly for the local to local tradition, she lived as a hermit on the cliffs near a sacred well and offered a light to ships at sea. It is believed that she was killed defending the local people against a Viking raid, said Dorset mark the day, BBC South has been finding out why people love living in Dorset. 'Lovely community, lovely people' Vikki Mitchell, 34, has moved back in with her parents in West Stour, near to Dorset with her family when she was 11, Ms Mitchell stayed until heading to Birmingham for university and then on to London for work."I lived in London for about seven years, which is where I met my ex-partner and then we decided to move up to Manchester," she her relationship ended, she said she decided to move back to her parents' home in Dorset for "a bit of countryside" and the lovely greenery".She said: "I absolutely love it around here, it's so nice, lovely community, lovely people."I said I'll just stay three months, get my head sorted - a year and a half later, I'm still here."With her family all close by and her favourite spot, Durdle Door, just an hour away, she said it was hard for her to imagine leaving again just yet."We've got a WhatsApp group saying 'Vikki won't move out', so that says it all," she added. 'Not much has changed since 1948' Janet Mowles, 77, has spent her entire life in the seaside town of Weymouth, apart from one brief summer living in France."My Mum was born in Dorchester, my dad was born in Sturminster Marshall, my brothers were born in Dorset. I was born in Weymouth in 1948, and I've lived here ever since," she Mowles' brother owned The Prince Albert pub, now called Finns, where she lived and worked for many years."I was 15 when I first moved down [to the pub]," she said, explaining that she washed glasses in the bar."Someone said I was too young to be behind the bar so they moved me to the hall," she added."I started my family off here. I got married and came to work for my brother."My mum and dad would look after [my daughter and son] upstairs while I worked in the bar."Ms Mowles said not much had changed in the county in her lifetime, besides "some shops closing down", adding that she was proud of Dorset and the place she has called home for 77 can hear more stories like this during a Dorset Day special on BBC Radio Solent on Sunday. You can follow BBC Dorset on Facebook, X (Twitter), or Instagram.
Daily Maverick
25-05-2025
- Business
- Daily Maverick
The Finance Ghost: The power of focus – story of two Reits and a wrong
Two property funds – Shaftesbury and Spear – have done well through having highly focused portfolios. In contrast, Pick n Pay is paying the price for losing focus. When corporates lose focus, they often lose money as well – or at the very least, lose value for shareholders. Diversification is great as a portfolio strategy, but it's often quite messy as a corporate strategy. The market's preference is for corporates to focus on what they are good at, with investors then having the option to diversify by choosing different corporates to invest in. When management teams start trying to act like fund managers by diversifying too much at corporate level, it often ends in tears. We have far too many examples of this on the JSE, usually involving offshore deals along the way! This week, there were two examples of property funds that have done well through having highly focused portfolios. Of course, they are both focused in lucrative areas – it certainly doesn't help to be focused in the wrong place! We begin with that duo, before looking at a retailer that is still dealing with the fallout of having lost its way in its core business. London's West End: cool for the summer Weather aside, London is an exciting and vibrant place. It attracts people from literally all over the world, with luxury properties (and associated shopping experiences) that have to be seen to be believed. London's West End is arguably the jewel in the crown, famous for its theatre and other attractions. This is where Shaftesbury has elected to focus its property fund and the outcome has been predictably strong. In an update given at the company AGM, the company notes that momentum in recent leases has been strongly positive. They are 8% ahead of the estimated rental value (ERV) in December 2024, a metric that you don't really see in South African real estate investment trusts (Reits). The new leases are also 9% ahead of previous passing rents, which is analogous to local funds talking about positive lease reversions. Whichever way you cut it, there's clearly plenty of demand from tenants for the space, further evidenced by a decrease in vacancies from 2.6% to 1.7%. My hope is that Shaftesbury continues with the focused strategy, particularly as it has sold a 25% stake in the Covent Garden estate to NBIM (the Norwegian sovereign wealth fund) for £570-million. This gives the company quite the war chest, with the loan-to-value ratio expected to be only 17% once this corporate activity is taken into account. Investors will want to see this capital deployed into more high-quality assets in the West End, otherwise Shaftesbury will start to deviate from what makes it special. Spear Reit stays sharp in the Western Cape Spear Reit is trading on a dividend yield of roughly 8.3%. This makes it a hot property, literally. The market sees this as a quality portfolio in the best region in South Africa, with Spear having passed the test of showing the market that it is capable of recycling capital (i.e. selling properties and reinvesting in new opportunities rather than always tapping the market for fresh equity capital). The other test that it passed in the year ended February 2025 is the need for positive reversions. This is probably the best way to gauge the supply and demand forces in a property portfolio. With positive reversions of nearly 4.2% in that financial year, Spear has entered into new leases at higher rentals than the outgoing leases. They are also enjoying in-force escalations on those leases that are above inflation, coming in at roughly 7.3%. It's worth noting that property inflation has been somewhat higher than CPI, fuelled by the likes of energy and security costs, as well as municipal rates, so those escalations aren't as lucrative as they sound. Spear also isn't sitting still, with a deal announced to acquire the Berg River Business Park in Paarl for around R182-million, excluding transaction costs. It is acquiring the asset on a purchase yield of 9.35%, and the deal comes with additional goodies such as the seller giving a guarantee for the rental on some occupied units for 18 months. Onwards and upwards, then. Pick n Pay: the price of losing focus in your core business Pick n Pay is in turnaround mode and that will be the reality for a long time, all because it has lost its way in its core retail business over the course of many years. Like a balloon in the clutches of a hyperactive toddler, there's only so much pressure that a business can take before the thing pops. Pick n Pay is now dealing with the post-pop, or at least the first post-pop. The latest results show that it certainly isn't out of the woods yet, so investors should be cautious in assuming that the most recent capital injection was the last one that will be required. For the 53 weeks to 2 March 2025, the core Pick n Pay segment made a loss after lease costs. It sounds ridiculous to have to specify that we are talking about profit (or loss) net of leases, but such is the nature of the current accounting standards. The loss is admittedly less severe than it used to be (the headline loss per share has reduced by between 55% and 75%), but it is still burning through the balance sheet. Speaking of the balance sheet, part of the reason for the reduced losses is the recent injection of equity capital from shareholders that helped Pick n Pay get rid of a chunk of debt. The income statement may show the benefit of this in terms of lower finance costs, but the long-term truth of it is that equity capital is actually more 'expensive' than debt capital as equity holders demand a higher rate of return than debt providers. In simple terms, if Pick n Pay can't stem the bleeding and then start to achieve a reasonable return on equity, the prospects for successful future capital raising will diminish quickly. The share price may be up 40% in the past year thanks to Sean Summers and his team having won the belief of many in the market, but the proof will be in the pudding aisle at your local Pick n Pay. The in-store experience needs to improve to the point where it is making profits again. All of this would be much easier in a competitive vacuum, of course. Alas, grocery retail is an absolute bloodbath of competition, with Shoprite as the most fearsome shark in the water and Pick n Pay as the struggling swimmer with an open wound. DM
Times
21-05-2025
- General
- Times
What you get for £625,000 in Norfolk, Kent, Shropshire and France
Pump Cottage dates from the 18th century and is nestled within the picturesque town of Shaftesbury. The grade II listed property opens up into the sitting room which then leads through to a kitchen, dining room and garden room and guest WC. Half of the first floor is dedicated to the main bedroom, which has a dressing room and en suite, while the other half has two more bedrooms and a family bathroom. The cottage is graced with stone walls, wooden beams and plenty of light throughout. EPC D (potential B)Upside Generous terraced Thatched roofing is hard to £635,000Contact North Stables has plenty of rural charm, tucked away in a pretty Buckinghamshire village, yet only ten minutes away
BBC News
09-05-2025
- BBC News
Shaftesbury charity "very cross" that van full of tools stolen
The founder of a charity for vulnerable people has said she is "very cross" that its van containing "a few hundreds pounds worth" of gardening tools was Crew, who set up Shaftesbury & District Carers Association 20 years ago to help people in Dorset, admitted she also feels "very sorry" for those who are said CCTV footage from a nearby business showed that the charity's white Ford Transit van was taken from Longmead Industrial Estate in Shaftesbury, in the early hours of Saturday Police confirmed that enquiries are being carried out but no arrests have been made. Ms Crew said she understands that "a lot of people are so desperate" at the moment."I feel very sorry that they have to do things like this," she Crew was inspired to start the charity after her son struggled with his mental started as a drop-in service where people could attend to socialise and has expanded to include a wide range of projects to help people get out and about, learn new skills, and enjoy themselves. Hope 2 Grow is one of its projects, where volunteers manage gardens that people are unable to cope with themselves."I think a lot of people would say we make a difference," Ms Crew said the organisation had gained a lot of tools and items over the years thanks to donations and the stolen items that were in the van was a "lawnmower" and a "grass trimmer," Ms Crew said. 'Really kind' The charity was quickly inundated with donations and support from locals after it posted about the theft on social media."We've had lots of different donations people have brought tools in that they no longer need," Ms Crew said."People have been really kind."She added defiantly that this will not stop them from continuing to help people in need with their gardens."We'll work hard to get the charity going again," she said. You can follow BBC Dorset on Facebook, X (Twitter), or Instagram.
Yahoo
21-03-2025
- Business
- Yahoo
The country about to own swathes of Covent Garden
Norway has bought a £570m slice of London's Covent Garden after reaping bumper oil profits following Russia's invasion of Ukraine. Norges Bank, the state-owned fund that manages the country's oil wealth, has bought a 25pc stake in the central London estate from owner Shaftesbury Capital. The sovereign wealth fund has been ploughing cash into London property in recent months after taking in a huge windfall from surging oil and gas prices following Russia's invasion of Ukraine. In January, Norway bought a £306m stake in Mayfair from Grosvenor, the Duke of Westminster's property arm. Its national oil fund has also amassed a 68pc holding in the Pollen Estate in Mayfair, which includes most of Savile Row. Jayesh Patel, head of UK real estate at Norges, said: 'This investment underscores our belief in the strength of London with the portfolio complementing our other high quality West End investments. 'Covent Garden is one of the world's most recognised retail, leisure and cultural destinations.' Norges manages the country's vast North Sea oil and gas wealth. The sovereign wealth fund is the world's biggest, with its total investments worth nearly 20 trillion Norwegian kroner (£1.4 trillion). The fund was buoyed by surging oil and gas prices following the invasion of Ukraine. Norway sold more than €108bn (£90bn) of fuel to Europe in 2022 and 2023, according to government data. Norges posted record annual profit of 2.5 trillion kroner for 2024 – though the fund said this was mostly driven by a rally in US tech stocks, Norway has faced pressure to use this vast resource to boost aid to Ukraine, amid accusations from critics that it is profiteering from the Russia-Ukraine war. However, Norway has pushed back against those accusations. Eivind Vad Petersson, its deputy foreign minister, argued in January that higher prices were a natural outcome of market forces during the period. Norway already owns swathes of the West End, including a 25pc stake in Regent Street, and already held almost a quarter of shares in Shafesbury itself, which also owns stretches of Carnaby Street, Soho and Chinatown alongside Covent Garden. Norges also owns the Meadowhall shopping centre in Sheffield. It has some 363.6bn kroner invested in property across 14 countries. Shaftesbury will continue to manage the Covent Garden estate, which spans around 1.4m sq ft and 220 buildings. The landlord will use the cash from the Norges deal to partially repay a loan and £275m of exchangeable bonds. Shares in Shaftesbury rose more than 5pc on news of the deal. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Sign in to access your portfolio
