Shaftesbury Capital says momentum across its portfolio has remained strong, driven by a steady operational performance.
In a trading update for July to October, the UK-based Reit reported its West End estates continued to record robust activity, with high occupancy levels, strong footfall and firm sales volumes.
“We have completed 367 transactions year to date, all well ahead of estimated rental value and previous passing rents. As customers continue to prioritise the highest-quality locations, enduring demand for our exceptional portfolio — with strong performance and a healthy leasing pipeline — gives us confidence in achieving our medium-term targets,” the group said.
During the second half of the year, Shaftesbury Capital completed 174 transactions worth £11m (R249m), coming in 4.3% ahead of the June 2025 estimated rental value and 10% above previous passing rents.
“Occupancy remains tight across the portfolio, with just 2.6% of estimated rental value still available to let and a further 1.5% already under offer, underscoring the depth of demand the group continues to command,” it said.
“There is strong momentum across Covent Garden, with a number of openings, including fragrance brand Byredo, French haute-parfumerie Parfums de Marly and lifestyle brand Kapten & Son. Harry’s Bar has opened its flagship on the Piazza, while Danish coffee bar Hagen recently opened nearby. Burro, a new concept from the team behind Trullo, has signed to Floral Court,” the group said.
Soho and Carnaby Street continue to attract an “exciting mix”, with several new concepts joining the extensive line-up this year, including Tala, Farm Rio and Pure Seoul. Luxury beauty brand Charlotte Tilbury recently opened its flagship store at the key entrance to Carnaby Street, Shaftesbury said.
“Continued progress on asset management and refurbishment initiatives, with £10.7m of estimated rental value across 134,000 square feet under refurbishment, representing 4.1% of the portfolio’s estimated rental value. About 23% is pre-let, representing £2.4m of rental income. Shaftesbury Capital has a strong balance sheet and maintains an active approach to capital allocation," the group said.
The group has already invested £80m year to date in targeted acquisitions. These prime, well-located assets aren’t just numbers on a balance sheet — they open the door to meaningful growth and exciting asset management opportunities, it said.
In October, Shaftesbury completed the early repayment of a £200m senior unsecured term loan using cash resources.
The group’s pro forma European Public Real Estate Association loan-to-value ratio, based on June valuations, stands at 17%, with net debt of £800m on a proportionally consolidated basis. The group remains well-positioned with access to significant liquidity, including £675m of undrawn facilities and more than £300m in cash, it said.
In October, the Covent Garden partnership entered into a new £300m unsecured revolving credit facility with an initial maturity of five years and the ability to extend it for two years.
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