Shaftesbury Capital, a prominent property company based in London, is celebrating the thriving West End market. As the owner of extensive property in key retail areas such as Carnaby and Covent Garden, the company has reported positive trading conditions and a recovery in customer sales. In fact, customer sales are now 15% higher than pre-pandemic levels in 2019.
Since the merger of Shaftesbury and CapCo in March, the company has released its first financial results. The report reveals that its wholly-owned portfolio remains valued at £4.9 billion ($6.22 billion), the same as it was in December 2022. Ian Hawksworth, the CEO of Shaftesbury Capital, expressed satisfaction with the performance of the newly merged company. He stated, “We have had an excellent start as a newly merged company, creating the leading central London mixed-use real estate investment trust. The team has come together to deliver strong performance with growth in annualized rent and a strong pipeline of demand for the second half.”
Hawksworth highlighted the completion of 220 leasing transactions in the first half of the year, with rents averaging 5% higher than the estimated rental value in December 2022. This achievement boosts confidence in the potential for continued rental growth in Shaftesbury Capital’s unique portfolio. Additionally, the company has experienced an increase in sales due to high footfall in the West End, driven by a rise in international visitors.
The leasing transactions completed in the first half of the year have a total rental value of £15.1 million, with 89 commercial lettings and renewals contributing £10.5 million. This represents a 6% increase compared to the estimated rental value at the end of December 2022.
Despite the challenging macroeconomic conditions, Shaftesbury Capital remains confident in delivering further growth and returns in the future. This confidence stems from its combined platform and strong balance sheet. Overall, this new era for the company marks a promising start and solidifies its position as a leading player in central London’s real estate market.
Useful links:
1. Shaftesbury Capital Official Website
2. CapCo Official Website
