(Alliance News) - Shaftesbury PLC on Wednesday reported a rise in the value of its portfolio and a drop in vacancy within the portfolio, due to stabilising rental values and an improved investment sentiment.
As at September 30, the London-focused real estate investment trust posted an external valuation of GBP3.0 billion, up from GBP2.84 billion at the end of March, due to improved occupancy levels, stabilisation in estimated rental values and a reduction in the valuer's estimate of short-term loss of income from occupier rental support.
In addition, available-to-let vacancy at the end of September, was 2.9% of portfolio ERV, down from 4.6% at July 31 and 8.4% at the end of March.
"The rebound in footfall and trading across our locations reported in our August update has continued, boosted by the rapidly growing return of the local office-based workforce. Occupancy levels are benefitting from the robust recovery in occupier demand and leasing activity for both commercial and residential accommodation across our meticulously curated, popular West End locations," said Chief Executive Brian Bickell.
Shaftesbury will publish its annual results on November 30.
Shares in Shaftesbury were up 2.1% at 608.00 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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