Shaftesbury Capital sees West End market improving

The top team at Shaftesbury Capital has seen a continued recovery in the West End’s occupational and investment markets. In results for the six months to the end of June, the company posted a 1.6% rise in EPRA net tangible assets at 193.4p per share, and a portfolio valuation boost of 1.4%, taking it to £4.8bn. During the six months the company agreed 217 leasing transactions, representing £28.1m of contracted rent at 7% ahead of December 2023 estimated rental value and 16% ahead of previous passing rents. Those deals leave its occupancy level with 2.7% of ERV available to let. ERV itself was up by 3.2% at £241m. The company turned a gross profit of £80.7m compared to £58.3m a year earlier. Chief executive Ian Hawksworth said: “Having set clear priorities, we are delivering on strategy. Conditions across the West End’s occupational and investment markets continue to improve… With a strong balance sheet, we are well-positioned to generate rental growth and take advantage of market opportunities.” Photo from Shaftesbury Capital