Shaftesbury Capital PLC (LON:SHC) has announced that it has completed the acquisition of the freehold interests in 25-31 James Street, Covent Garden for £75.1 million (before costs).
The properties have a contracted rent of £3.9 million and comprise 21,000 square feet of lettable area, including 12,000 square feet of retail and 9,000 square feet of residential and office accommodation.
This acquisition presents asset management and rental growth opportunities as well as complementing our existing ownership on James Street, a prime retail street and key gateway into the Covent Garden Piazza. The acquisition follows recent disposals totalling £145 million, 8 per cent ahead of valuation, and recycles capital towards target assets.
Shaftesbury Capital continues to maintain access to liquidity through cash and undrawn facilities. On a pro forma basis, liquidity following this acquisition is £467 million.
