Shaftesbury Capital Plc (SHB.L), on Thursday, issued a trading update, reflecting steady progress and strong occupational demand across its portfolio.
The company has completed 128 leasing transactions, generating £11.3 million in new contracted rent. These transactions were completed at rates 8% ahead of the December 2024 ERV and 9% above previous passing rents, highlighting continued demand for its properties.
The annualised rent roll has increased by 3% since the year-end, reaching £210 million, compared to £202.8 million in December 2024. Occupancy levels remain high, with only 1.7% of ERV available to let, a notable improvement from the 2.6% recorded in December 2024. Several new brands have established locations within the company's portfolio, including Nespresso, Dolce & Gabbana, Autry, and Farm Rio.
A significant milestone in the period was the completion of Shaftesbury Capital's long-term partnership with NBIM concerning the Covent Garden estate. The partnership, valued at £2.7 billion, resulted in cash proceeds of about £570 million, strengthening the company's financial position and providing flexibility for future investment and expansion initiatives. Additionally, Shaftesbury Capital has invested £34 million in acquisitions across its portfolio year to date, presenting opportunities for asset management and rental growth.
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