Shaftesbury Share Price (SHB)

Meanwhile, the estimated rental value (ERV) of the group's other schemes amounts to £2.3m, equal to 2.8% of its wholly-owned commercial ERV. The ERV of wholly-owned commercial space available to let amounted to just £2.0m by January 31st (2.4% of the total commercial ERV), of which £1.2m was under offer. "This low level of available space reflects a particularly busy period for enquiries and letting activity since September," the firm said. However, the number of vacant shops is expected to increase in the early months of 2013 but the company said that this was in line with seasonal patterns of activity. At Friday's annual general meeting, John Manser will step down as Chairman (as previously announced) and will be replaced by current Deputy Chairman Jonathan Lane.

Central London-focused FTSE 250 real estate group Shaftesbury said it has seen continuing good demand and letting activity across its West-End villages in the first half, while vacant space is now at an 'exceptionally low level'. In a trading update covering the period between October 1st to date, the firm said that it has "sustained interest from retailers, particularly from Europe and America, seeking shops in our centrally-located villages. Similarly there are many interesting new restaurant concepts seeking space in the West End." Shaftesbury is currently undertaking two major schemes around the Carnaby Street area, just east of Regent Street, which will cost £18m and, when fully let, will produce an additional £2.0m of rental income every year.

Shaftesbury: UBS takes target price from 530p to 580p staying with its neutral rating.

Seymour Pierce maintained its "buy" recommendation on real estate investment trust Shaftesbury (SHB) with a target price of 573p. The broker noted that the refurbishment of the firm's Shaftesbury Estate, with restaurants and new roads, has helped revenues to more than double. Seymour Pierce is impressed with the firm's plans to carry out similar work at its Lazenby House and Fouberts Place sites and sees potential for further revenue growth as a result. The broker is also of the persuasion that the investment spotlight brought about by the Olympics will boost the fundamentals of the company for some time to come

"EPRA diluted net asset value (NAV) per share stood at £4.98 at September 30th 2012, an increase of 35p or 7.6% over the year. The increase before distributions to shareholders amounted to 46.7p or 10.1%." Looking ahead, Chairman John Manser added: "Since the summer the West End has become even busier and we are seeing unusually high levels of interest from retailers, restaurant operators and other businesses seeking to come to our areas. "It is clear that the UK and other western economies will continue to face structural challenges for some considerable time. Uncertainty regarding the timing and pace of recovery is causing subdued business and consumer confidence. However, with its unique status as a leading global city, London attracts businesses, visitors and those who wish to live here from across the world, underwriting the long-term prospects for continuing prosperity in the West End. "I am confident that, with our proven strategy and long experience of this exceptional location, our portfolio will continue to deliver attractive long-term returns for our shareholders."

London property group Shaftesbury has posted a fall in pre-tax profit, largely as a result of a decline in investment property valuation movements, an increase in finance costs, and the change in fair value of derivative financial instruments. As such, pre-tax profit totalled £94.8m, compared to £115.7m the previous year. However, EPRA (European Public Real Estate Association) adjusted pre-tax profit climbed 6.8%, or £2.0m, to £31.2m over the year, on net property income of £71.0m (2011: £66.6m). Like-for-like estimated renetal value (ERV) growth of 6.0% was seen throughout the 12 months, while vacancy levels continued to be low. The final dividend will by 6.05p (2011: 5.75p), giving a total payment of 12.0p per share, compared to 11.25p the previous year. The company said it saw some short-term disruption, particularly to West End visitor numbers, but assured there has been no discernible effect on its business. In a statement the company said: "Our portfolio, which has been valued at £1,828.2m, delivered a capital value return of 5.5%, through a combination of rising current income, growth in ERVs and yield improvement of 14 basis points. This is in contrast to our benchmark, the IPD Monthly Index, which reported a fall in capital values of 3.1%.