Shaftesbury Capital's property portfolio in the West End of London attracts some 150 million visitors and shoppers annually,
Shaftesbury Capital’s London, West End portfolio delivered a strong return of 5% for the six months to June 30 after the property valuation increased 3.4% to £5.6 billion supported by a 3.8% increase in ERV (estimated rental value) to £281 million.
“Despite broader market uncertainty, our West End portfolio continues to deliver high footfall, customer sales growth, high occupancy and a strong pipeline. We have significant growth potential and, supported by our strong balance sheet, are well-positioned to pursue expansion and capitalise on opportunities,” said the chief executive Ian Hawksworth in a statement.
First half underlying earnings were up 8% to 2.4 pence per share, and the interim dividend increased by 16% to 2.2 pence per share.
The portfolio stretches across Covent Garden, Carnaby|Soho and Chinatown and welcomes an annual footfall of about 150 million. Some 70% of footfall is driven by domestic visitors, with Londoners accounting for around 40% and visitors from elsewhere in the UK a further 30%. International visitors contribute the remaining 30%.
