Shaftesbury Capital sees portfolio valuation increase to £5bn
Shaftesbury Capital has released its final results for 2024, during which it saw the value of its portfolio increase to £5bn by the end of the year.
The central London mixed-use real estate investment trust said this was an increase of 4.5% on a like-for-like basis compared to 2023.
Shaftesbury Capital’s portfolio extends to 2.7 million sq ft and is based across the neighbourhoods of Covent Garden, Carnaby, Soho, and London Chinatown.
Over the course of the year, the group completed 173 leasing transactions, representing £48.7m of contracted rent. This was 9% ahead of the December 2023 estimated rental value (ERV), and 14% ahead of previous passing rents.
Since the merger between Shaftesbury and Capital & Counties in 2023 to create Shaftesbury Capital, the group has completed £246.6m worth of disposals, and said it has reinvested £86m into acquisitions to improve the quality of its portfolio.
The group also offloaded its 50% interest in Longmartin Properties to its joint venture partner for £94m in October.
Ian Hawksworth, chief executive of Shaftesbury Capital, said: “We are delighted to deliver a strong set of results for 2024. Our West End estates continue to be busy and vibrant with high footfall and customer sales growth. There continues to be strong leasing demand with 473 transactions completed 9 per cent ahead of December 2023 ERV, with an excellent leasing pipeline. Valuation has increased 4.5 per cent driven by strong ERV growth. The momentum of 2024 has continued into the current year. With our strong balance sheet, we are well-positioned to capitalise on market opportunities and confident of delivering further growth as the leading central London mixed-use REIT.”