(Alliance News) - Shaftesbury PLC on Wednesday said leasing activity has been "robust" in the second half of its current financial year and rents have either met or exceeded estimated rental value.
In the period from April 1 to Tuesday, Shaftesbury said it has experienced "robust leasing activity" and rents have either been at or above ERV. Lease incentives have also remained stable.
The real estate investment trust owns a 15.2 acre portfolio in London's West End, which it said "remains busy", with "food, beverage, leisure and retail occupiers" still reporting year-on-year sales growth on average.
Shaftesbury said vacancy has stayed low and is in keeping with the long-term average. Much of the firm's available space is under offer.
In terms of occupier insolvency, Shaftesbury's exposure has been limited and in cases where space was handed back, it "re-let well".
This far, the company's completed acquisitions in the second half total GBP34.9 million.
Chief Executive Brian Bickell said: "The small to medium-sized space we mostly provide, combined with our modest rental levels, are a considerable advantage in the current market, attracting good levels of interest. Our long-established tenant selection strategy has ensured that we have been largely unaffected by high-profile retail and restaurant failures and restructurings."
He added: "Despite the uncertain political and macroeconomic backdrop, London's global city status continues to draw businesses and visitors from across the World, reinforcing the West End's long-term appeal and prospects."
Shares in Shaftesbury were down 0.2% at 880.50 pence each in London on Wednesday morning.
By Anna Farley; annafarley@alliancenews.com
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