(Alliance News) - Shaftesbury PLC experienced "high footfall and good trading" over the key Christmas period, the London-focused real estate investment trust said on Friday.
The trust largely invests in pubs, bars and restaurants in London's West End theatre district.
Shaftesbury said: "Traditionally, the period leading up to and throughout Christmas and New Year has always seen the highest footfall and busiest trading, and this year has been no exception. Early data indicates that generally our occupiers, particularly food & beverage businesses, have seen turnover growth over the period, in contrast to reports of static or declining revenue and footfall nationally.
"There are early signs of increasing activity in institutional property investment markets, although, in our locations, private owners remain reluctant to sell assets which, in common with our portfolio, offer both security and potential for income and value growth."
EPRA vacancy at December 31 was 3.6%, narrowed from 3.7% in September.
The company also reported "stable occupier demand", during the three months to the end of December, GBP8.0 million leasing transactions were completed above September's estimated rental value.
In 72 Broadwick Street, a new development, Shaftesbury reported that half of the commercial space is pre-let, and reported "encouraging interest" in the remaining space.
The development will provide, retail, restaurant, leisure and office space.
Shaftesbury shares were 0.5% higher at 904.50 pence each in London on Friday morning.
By Eric Cunha; ericcunha@alliancenews.com
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