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Investing.com -- Shaftesbury Capital (LON:SHC) on Tuesday reported robust momentum across its Covent Garden estate and West End satellite villages, with rent reviews showing a 14% increase over prior passing rents.
The company has completed 367 leasing transactions year to date, securing £30.2 million per annum in new rent, which is 9% ahead of December 2024 estimated rental value (ERV) and 14% above previous passing rents.
The property group maintains high occupancy with a low working frictional vacancy rate of just 2.6% of ERV, with 1.5% under offer, effectively making the portfolio fully occupied.
CEO 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."
The 25% sale of Covent Garden to NBIM validated the valuation for a minority stake without management control.
The company is actively marketing its former SHB Villages properties, with particularly strong tenant demand in Carnaby Street and Chinatown, which have seen notable retail, dining and leisure openings.
Shaftesbury Capital has invested £80 million in acquisitions and secured a new £300 million revolving credit facility, while repaying a £200 million loan. This has provided the company with significant liquidity and a very low loan-to-value ratio of 17%.
The company also has £10.7 million ERV under refurbishment, with 23% already pre-let.
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