News Column

Shaftesbury Says Central London Occupier Demand Still Very Strong

July 24, 2014

Anthony Tshibangu

LONDON (Alliance News) - Property investment group Shaftesbury PLC Thursday said that in the year to date, it has completed lettings, lease renewals and rent reviews with a total rental value of GBP19.1 million, as occupier demand for its London spaces, which include shops, restaurants and leisure, offices and residential, continues to be very strong.

The company which owns over 250 shops in Carnaby Street and Covent Garden said it over the past 12 months it has added to its portfolio with GBP107.7 million worth of properties acquired.

At an operating level, Shaftesbury said its mixed-use scheme on Carnaby Street, to redevelop the buildings fronting the south side of Foubert's Place and Kingly Street, is progressing well and is expected to be completed in phases from early 2015. The company plans to commence marketing the retail restaurant and office space shortly.

Looking ahead, FTSE 250-listed Shaftesbury said London and the West End's "success and dynamism underpin the prosperity and prospects for our unique portfolio."

"Against the background of sustained demand for all our uses, we continue to identify and implement asset management initiatives and schemes which we are confident will deliver further income and capital value growth for our shareholders," the company added.

Shaftesbury shares were quoted down 0.3% at 683.00 pence Thursday morning.

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Source: Alliance News

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