LONDON (Alliance News) - Shaftesbury PLC on Wednesday said a flourishing West End is seeing the benefits from "long-term growth" in London's economy, population and visitor numbers.
"Our exceptional portfolio, based in the busiest and liveliest parts of the West End, is focused on shops, restaurants, cafés and pubs. Extending to over 1 million square feet, these uses produce 70% of our rental income. They have a long record of sustained demand and rental growth, unaffected by wider economic and property market cycles,"
"I remain confident that our innovative and successful strategy will continue to deliver growth in rental income, long-term values and returns for shareholders."
The FTSE 250 property investor reported that its net asset value, measured by reference to the European Public Real Estate Association, increased by 21.9% to 869.0 pence in the financial year to September 30. EPRA earnings rose to GBP36.1 million from GBP32.6 million.
Net asset value return, before dividends, rose to 23.8% from 28.0%. Net property income was up to GBP78.8 million from GBP74.1 million.
The company lifted its dividend for the year to 13.75 pence from 13.1p.
Shares in Shaftesbury were down 1.1% at 909.50p on Tuesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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