Shaftesbury Capital's London portfolio thrives with increased valuations and leasing demand

SHAFTESBURY Capital, the JSE and London-listed REIT grew earnings, dividends, and valuation in the six months to June 30 after its properties in the iconic Covent Garden and Carnaby Street precincts continued to grow sales.

- EDWARD WEST

"We are delighted to deliver continued strong performance. Our West End portfolio continues to be busy and vibrant with high footfall and seven days a week trading,” said the CEO Ian Hawksworth on Tuesday.

Leasing demand was strong, with 193 transactions completed, 9% ahead of December 2023. Valuations increased by 3%, driven by ERV (estimated rental value) growth and stable yields.

He said that they had entered the second half of the year with positive momentum, supported by a strong balance sheet and access to liquidity.

The 193 leasing transactions represented £19.2 million of contracted rent, 9% ahead of December 2023 ERV and 16.3% ahead of previous passing rents.

Occupancy was higher with 2.4% of ERV available to let, with positive trends in footfall and customer sales in aggregate across the West End portfolio. There was a 16% growth in underlying earnings to 2.2 pence per share, and the interim dividend increased to 1.9 pence per share from 1.7 pence at the same time year.