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

The Star

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July 30, 2025

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

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

"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.

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