Shaftesbury Capital offloads £82m of assets
Shaftesbury Capital has sold more than £82m of assets since June.
The West End landlord, formed from a merger between Capco and Shaftesbury which completed in March, said the disposals were at 12% ahead of June valuations.
Shaftesbury has identified an initial 5% of its total portfolio to be recycled, equating to just under £250m.
Shaftesbury Capital has sold more than £82m of assets since June.
The West End landlord, formed from a merger between Capco and Shaftesbury which completed in March, said the disposals were at 12% ahead of June valuations.
Shaftesbury has identified an initial 5% of its total portfolio to be recycled, equating to just under £250m.
In August, EG reported the West End landlord had asked CBRE to handle the sale of about 100,000 sq ft of property, mostly around Goodge Street and Charlotte Street, W1. It expects to raise more than £100m from the sale.
So far this year it has sold 158-159 Drury Lane, WC2, 61 Old Compton Street, W1, and 103 Charing Cross Road, WC2, as well as its leasehold interests in 19-25 Long Acre and 28-29 Floral Street, both WC2, and Walter House, W1.
The REIT did not list any purchases in the pipeline, but said “a number of acquisition opportunities are under review”.
Leasing activity in H2 has also been strong, totalling 220 transactions representing £15.6m of rent – 6% ahead of June’s ERV.
For the year to date, 440 leasing transactions were completed, representing £30.2m of rent, at 9% ahead of December’s ERV.
The REIT said footfall across its prime portfolio in the West End had shown a “strong start” to the Christmas trading period, along with sales at 12% above 2022 levels and 16% above 2019 levels.
Shaftesbury said it had a robust balance sheet with access to approximately £500m of liquidity and LTV of 30%.
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Image: Shaftesbury Capital
