SHB.L Regulatory News (SHB)

Shaftesbury PLC

Bond issuance pricing

Shaftesbury PLC, the Real Estate Investment Trust that owns a 14½ acre portfolio in London's West End, announces that Shaftesbury Chinatown PLC, a wholly-owned subsidiary, has successfully launched and priced £290 million first mortgage bonds due 30 September 2027 with a coupon of 2.348%. The bonds are secured on properties held by Shaftesbury Chinatown PLC and benefit from an unsecured guarantee from Shaftesbury PLC.

The proceeds of the issue will be used to refinance £75 million of bank facilities and to increase the Group's financial resources. The issue further diversifies the Group's sources of funding, whilst extending its weighted average debt maturity.

 Chris Ward, Finance Director, commented:

"We are delighted by the response to this debt issuance. The appetite and pricing is an endorsement of the Group's long-term prospects. As well as raising significant financial resources, it has further diversified our sources of finance and increased our weighted average debt maturity."

IDCM Limited and Lloyds Bank plc acted as joint lead managers and National Australia Bank acted as passive lead manager in respect of the issue of the Bonds.

Ends.

31 August 2017

For further information:

About Shaftesbury

Shaftesbury PLC is a Real Estate Investment Trust, which owns an exceptional 14½ acre portfolio in the heart of London's West End - a highly popular, sought-after and prosperous destination for visitors and businesses. Our holdings are concentrated in Carnaby, Covent Garden, Chinatown, Soho and Charlotte Street.

Our objective is to deliver long-term outperformance in growth in rental income, capital values and shareholder returns.

We focus on retail, restaurants and leisure in the liveliest parts of the West End. At 31 March 2017 our portfolio comprised 282 restaurants, cafés and pubs and 301 shops, together extending to 1.1 million sq. ft., and accounting for 70% of our current income. In our locations, these uses have a long record of occupier demand exceeding their availability. The portfolio also includes 405,000 sq. ft. of offices and 570 apartments for rent, which provide 17% and 13%, respectively, of our current income.

In addition, we have a 50% interest in the Longmartin joint venture with The Mercers' Company, which has a long leasehold interest in St Martin's Courtyard in Covent Garden. Extending to 1.9 acres, it includes 21 shops, ten restaurants and cafés, 102,000 sq. ft. of offices and 75 apartments.

Forward-looking statements

This document may contain certain 'forward-looking' statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements.

Any forward-looking statements made by, or on behalf of, Shaftesbury PLC speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Shaftesbury PLC does not undertake to update forward-looking statements to reflect any changes in its expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

Information contained in this document relating to Shaftesbury PLC or its share price, or the yield on its shares, should not be relied upon as an indicator of future performance.

Intended addressees

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFERING OF THE FIRST MORTGAGE BONDS DESCRIBED HEREIN.

THIS ANNOUNCEMENT MAY NOT BE DISTRIBUTED, TAKEN OR TRANSMITTED IN OR INTO THE UNITED STATES, ITS TERRITORIES OR POSSESSIONS OR TO U.S. PERSONS, OR IN OR INTO ANY OTHER JURISDICTION IN WHICH TO DO SO WOULD BE UNLAWFUL AND ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS ANNOUNCEMENT IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO COMPLY WITH THIS NOTICE MAY RESULT IN A VIOLATION OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS.

THIS ANNOUNCEMENT IS ONLY DIRECTED AT (I) PERSONS WHO ARE OUTSIDE THE UNITED KINGDOM OR (II) THOSE PERSONS WHO ARE EXISTING MEMBERS OR CREDITORS OF THE COMPANY OR OTHER PERSONS WITHIN ARTICLE 43 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE "ORDER") OR (III) INVESTMENT PROFESSIONALS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE "ORDER") OR (IV) HIGH NET WORTH COMPANIES, AND OTHER PERSONS TO WHOM IT MAY LAWFULLY BE COMMUNICATED, FALLING WITHIN ARTICLE 49(2)(A) TO (D) OF THE ORDER (ALL SUCH PERSONS IN (I), (II), (III) AND (IV) ABOVE TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS") AND MUST NOT BE ACTED ON OR RELIED UPON BY PERSONS OTHER THAN RELEVANT PERSONS. FOR ANY PERSON VIEWING THIS ANNOUNCEMENT WHO IS NOT A RELEVANT PERSON, THIS ANNOUNCEMENT IS PUBLISHED FOR INFORMATION PURPOSES ONLY.