Shaftesbury’s portfolio value rises to £3.26bn as post-pandemic recovery gathers pace

Shaftesbury PLC’s portfolio value in the six months from 1 October 2021 to 31 March 2022 has grown to £3.26bn, a like-for-like increase of 7.5%.

The London landlord, which has a 16-acre portfolio in the heart of the West End including in Carnaby, Soho and Seven Dials, said the valuation increase over the period was largely driven by like-for-like estimated rental value growth.

The increases have come across all uses, “reflecting sustained occupier demand and low levels of vacancy”, as footfall and trading in Shaftesbury’s locations continues to recover towards pre-pandemic levels.

The 7.5% increase in Shaftesbury’s valuation follows a 5.2% like-for-like increase over the previous six months to 30 September 2021.

Shaftesbury Chief Executive, Brian Bickell, commented: “I am pleased to report that confidence, footfall and sales across our villages continue to recover well. Demand/supply tension in our locations, reflecting strong interest from potential occupiers across all uses and low vacancy, is driving a recovery in rental levels which has been the main component of the valuation increase over the six months to 31 March 2022.

“We are now looking forward to an extended period of uninterrupted trading as we enter the important summer season.”

This latest update comes ahead of Shaftesbury releasing its results for the half year ended 31 March 2022, on 24 May 2022.

Read our interview with Simon Quayle, Executive Director, Shaftesbury.