Shaftesbury Capital splashes £75.1m on Covent Garden freeholds

Shaftesbury Capital has completed the acquisition of the freehold interests in 25-31 James Street, Covent Garden, for £75.1m.

The properties comprise 21,000 sq ft of lettable space, including 12,000 sq ft of retail and 9,000 sq ft of residential and office space.

Shaftesbury Capital – which owns a large estate across Soho and Covent Garden – said the acquisition presents asset management and rental growth opportunities, and complements its existing ownership on James Street.

The property development and investment company said the acquisition follows recent disposals totalling £145 million, 8% ahead of valuation, and recycles capital towards target assets.

Shaftesbury Capital added that it continues to maintain access to liquidity through cash and undrawn facilities, with liquidity at £467m on a pro forma basis, following this acquisition.

The group’s chief executive, Ian Hawksworth, recently hailed an “excellent start” for the business in its first full-year results since Shaftesbury and Capital & Counties merged last spring.