Shaftesbury Capital reports solid first 100 days

Shaftesbury Capital has a had a promising first 100 days, with lettings ahead of ERV and savings ahead of schedule. The £4.9bn West End REIT said it had completed 173 leasing transactions with a combined value of £11.4m over the five months to the end of May. Chief executive Ian Hawksworth said: “We are pleased with the first 100 days of activity across Shaftesbury Capital with the integration of our business and talented team progressing well. We are encouraged by operational progress, prospects for our prime West End portfolio and the benefits we are seeing from the combined platform.” The REIT was formed from the merger of Shaftesbury Estates and CapCo, which completed in March. The lettings included 74 commercial lettings and renewals worth £7.9m, 7% ahead of December’s ERV, and 99 residential lettings totalling £3.5m – 9% above previous passing rents. In addition, 35 commercial rent reviews were also concluded, with a rental value of £6.4m, 7% ahead of previous passing rents. Shaftesbury Capital said actions taken since the merger were expected to result in annualised cost savings of around £7.5m, ahead of the phasing set out in the merger documentation. It added that it expects to recycle approximately 5% of the £4.9bn portfolio. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews Image © Shaftesbury Capital