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Shaftesbury - trading update
Highlights
- 367 leasing transactions completed in year to date, representing GBP30.2 million of new contracted rent in aggregate 9 per cent ahead of December 2024 ERV and 14 per cent ahead of previous passing rents. 174 transactions representing GBP11 million, completed in H2 to date, 4.3 per cent ahead of June 2025 ERV and 10 per cent ahead of previous passing rents.
- High occupancy across the portfolio with only 2.6 per cent of ERV available to let and an additional 1.5 per cent currently under offer.
- Our comprehensive marketing programme has once again elevated our West End portfolio to be amongst London's most vibrant festive destinations. With strong footfall and continued growth in customer sales, our exceptional West End portfolio is well positioned for the Christmas trading period and beyond.
- There is strong momentum across Covent Garden with a number of openings including fragrance brand Byredo, French haute-parfumerie Parfums de Marly and lifestyle brand Kapten & Son. Harry's Bar opened its flagship on the Piazza while Danish coffee bar Hagen recently opened nearby. Burro, a new concept from the team behind Trullo has signed to Floral Court.
- Soho and Carnaby Street continue to attract an exciting mix with a number of new concepts joining the extensive line-up this year including Tala, Farm Rio and Pure Seoul. Luxury beauty brand Charlotte Tilbury recently opened its flagship store at the key entrance to Carnaby Street. The dining offer continues to evolve, with the opening of Heard on Foubert's Place, alongside pizza and natural wine concept Ria's. Northern Spanish-inspired ALTA has opened in Kingly Court and Soho icon The Shaston Arms, has relaunched under new management.
- Premium sushi brand, Sushinoya, created by Dong Hyun Kim, the founder of Wasabi has opened in Chinatown, while Experimental Cocktail Club has relaunched on Gerrard Street including a new live music programme.
- Continued progress on asset management and refurbishment initiatives, with GBP10.7 million of ERV across 134 000 square feet under refurbishment, representing 4.1 per cent of portfolio ERV. Approximately 23 per cent is pre-let, representing GBP2.4 million of rental income.
- Shaftesbury Capital has a strong balance sheet and maintains an active approach to capital allocation. GBP80 million (before costs) has been invested year to date in targeted acquisitions. These prime, well-located assets provide further growth and asset management opportunities.
- In October 2025, the Covent Garden partnership entered into a new GBP300 million unsecured revolving credit facility with an initial maturity of five years and the ability to extend the facility for a further two years.
- Shaftesbury Capital also completed the early repayment of a GBP200 million senior unsecured term loan in October using cash resources. Taking account of acquisitions and financing activity, the Group's pro forma EPRA loan-to-value ratio (based on June valuations) is 17 per cent and net debt is GBP0.8 billion on a proportionally consolidated basis. The Group has access to significant liquidity through GBP675 million of undrawn facilities and over GBP300 million of cash.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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