Shaftesbury PLC (LON:SHB), the Real Estate Investment Trust that owns a 15 acre portfolio in the heart of London’s West End, today announced a trading and finance update for the period 1 October 2018 to 7 February 2019. The announcement is being issued prior to the Company’s Annual General Meeting, which is being held later today.
Highlights
· Robust footfall and trading over the festive period.
· Resilient demand for our regular space; occupancy remains high.
· Good leasing activity: lettings, renewals and rent reviews with a rental value of £9.3m concluded since 1st October 2018, at or above 30 September 2018 ERV.
· Progress with our larger schemes:
– Thomas Neal’s Warehouse – let.
– Central Cross – 71% let or under offer. Just three shops remain available.
– 72 Broadwick Street – planning application submitted.
· Value-enhancing schemes extending to 165,000 sq. ft. underway.
Brian Bickell, Shaftesbury Chief Executive, commented:
“During the important trading season leading up to and including the Christmas and the New Year holidays, footfall in our locations has been robust and our occupiers generally reported growth in turnover compared with the same period in 2017. In contrast to reports of subdued leisure spending nationally, our restaurants, cafes, pubs and bars were particularly busy throughout the festive period.”
