London West End portfolio continues to drive positive results for Shaftesbury Capital

Shaftesbury Capital has gone through another period of positive performance with its London West End portfolio seeing high occupancy, footfall and sales volumes, chief executive Ian Hawksworth said Tuesday.

He said in a trading update for the period July 1 to October 31, 2025, that 367 transactions have been completed year-to-date, well ahead of ERV (estimated rental value) and previous passing rents.

On the JSE in the afternoon, the share price was 0.49% lower at R32.22 - the price traded at R31.37 a year before.

"As customers continue to prioritise the highest quality locations, enduring demand for our exceptional portfolio together with strong performance and a healthy leasing pipeline give us confidence in our medium-term targets," he said.

The 367 leasing transactions representing £30.2 million of new contracted rent in aggregate 9% ahead of December 2022 ERV, and 14% ahead of previous passing rents.

One hundred and seventy-four transactions, representing £11m, were completed in the second half to date, which were 4.3% ahead of June 2023 ERV and 10% ahead of previous passing rents.

There was high occupancy across the portfolio, with only 2.6% of ERV available to let and an additional 1.5% currently under offer.

"With strong footfall and continued growth in customer sales, our exceptional West End portfolio is well positioned for the Christmas trading period and beyond," said Hawksworth.

There was strong momentum across Covent Garden, with a number of openings including fragrance brand Byredo, French haute-parfumerie Parfums de Marly and lifestyle brand Kapten & Son. Harry's Bar opened its flagship on the Piazza, while Danish coffee bar Hagen recently opened nearby. Burro, a new concept from the team behind Trullo, had signed to Floral Court.

Soho and Carnaby Street continue to attract a number of new concepts including Tala, Farm Rio and Pure Seoul. Luxury beauty brand Charlotte Tilbury recently opened its flagship store at the key entrance to Carnaby Street.

There was continued progress on asset management and refurbishment initiatives, with £10.7m of ERV across 134 000 square feet under refurbishment, representing 4.1% of portfolio ERV.. Approximately 23% was pre-let, representing £2.4m of rental income.

Shaftesbury Capital has a strong balance sheet and maintains an active approach to capital allocation. £80m has been invested year to date in targeted acquisitions.

In October, the Covent Garden partnership entered into a new £300m unsecured revolving credit facility with an initial maturity of five years and the ability to extend the facility for a further two years.

Shaftesbury Capital also completed the early repayment of a £200m senior loan in October using cash resources. Taking account of acquisitions and financing activity, the pro forma loan-to-value ratio was 17% and net debt stood at £0.8bn. The group has access to significant liquidity through £675m of undrawn facilities and over £300m of cash.

BUSINESS REPORT