Shaftesbury Capital posts strong leasing momentum, highlights festive trading strength

(Sharecast News) - Real estate investment trust Shaftesbury Capital reported strong year-to-date leasing activity on Tuesday, with 367 transactions securing £30.2m of new contracted rent - 9% ahead of December 2024 estimated rental values and 14% above previous passing rents.

In the second half alone, Shaftesbury said 174 deals worth £11m were signed, continuing the trend of rental uplifts. Occupancy remained high, with just 2.6% of ERV available to let and a further 1.5% under offer.

Shaftesbury highlighted robust festive trading conditions across its West End portfolio, supported by strong footfall and new openings in Covent Garden, Soho, Carnaby Street and Chinatown. Flagship launches included Charlotte Tilbury on Carnaby Street, Harry's Bar in Covent Garden and premium sushi brand Sushinoya in Chinatown.

On the financial side, Shaftesbury pointed to its balance sheet strength, having invested £80m in targeted acquisitions in 2025, while also completing the early repayment of a £200m term loan in October. Shaftesbury's pro forma EPRA loan‑to‑value ratio stood at 17%, with net debt of £800m, while liquidity remained significant at £675m of undrawn facilities and more than £300m of cash.

Chief executive Ian Hawksworth said: "We are pleased to report another period of positive performance, with continued momentum across the portfolio. Our West End estates are busy and vibrant through this important trading period, with high occupancy, footfall and sales volumes.

"As customers continue to prioritise the highest quality locations, enduring demand for our exceptional portfolio together with strong performance and a healthy leasing pipeline give us confidence in our medium-term targets."

As of 0845 GMT, Shaftesbury shares were up 0.28% at 142.50p.

Reporting by Iain Gilbert at Sharecast.com