REG - Shaftesbury Capital - AGM Trading Update

Shaftesbury CapitalAnnouncement

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RNS Number : 2323E  Shaftesbury Capital PLC  14 May 2026

PRESS RELEASE

14 May 2026

AGM Trading update

Shaftesbury Capital PLC ("Shaftesbury Capital"), the leading central London
mixed-use REIT, publishes a trading update ahead of the Company's Annual
General Meeting to be held at 11:30am (BST) today. This announcement includes
unaudited financial information in relation to the period from 1 January to 30
April 2026.

 

Ian Hawksworth, Chief Executive of Shaftesbury Capital, commented:

 

"Shaftesbury Capital has made a positive start to 2026, demonstrating the
strength and resilience of our prime West End portfolio. Despite an uncertain
geopolitical backdrop, our portfolio continues to perform well, with 151 new
leases and renewals completed year to date, 5 and 18 per cent ahead of market
rents and previous passing rents respectively. There continues to be
competitive demand for space in our high-footfall destinations. With high
occupancy, a strong leasing pipeline and backed by a very strong balance
sheet, we remain confident in achieving our medium-term targets."

 

 

·  151 leasing transactions have completed in the year to date,
representing £13.7 million of new contracted rent in aggregate 5 per cent
ahead of December 2025 ERV and 18 per cent ahead of previous passing rents.

 

·  There is continued customer demand for our properties with high occupancy
across the portfolio. Only 2.5 per cent of ERV is available to let and an
additional 1.2 per cent currently under offer.

·  Continued momentum at Covent Garden, with recent transactions including
the lease renewal for luxury jewellery brand Tiffany & Co. on James Street
and the introduction of Covent Garden Market Bar by Inception Group as well as
fragrance brand INITIO Parfums Privés in the Market Building. Burro, an
original dining concept delivering high-quality Italian cuisine, opened to
critical acclaim in Floral Court. Seven Dials is now established as a home for
premium flagship retailing with new brands introduced including Code8 Beauty,
Percival, MONC, and Islander.

 

·  We are making progress in evolving Carnaby Street with seven new concepts
introduced this year, including fashion brand Edikted, which opened its first
store outside the US, Sephora which will launch a new boutique format and
first West End store this summer, a debut UK location for Kookaï, premium
French outerwear brand K-Way, and an upsized store for Subdued. Vagabond Wines
is set to open a new Soho site on Ganton Street this summer while Italian
restaurant Padella recently opened on Kingly Street.

 

·  Chinatown is fully occupied, new additions include POP MART which opened
its largest London store on Charing Cross Road following strong UK
performance, and Darjeeling Express will upsize into a larger restaurant on
Rupert Street.

 

·  Progress on asset management and refurbishment initiatives, with £12.3
million of ERV across 149,000 square feet under refurbishment, representing
4.6 per cent of portfolio ERV. £16 million has been invested year to date in
capital expenditure and targeted acquisitions.

 

·  Well-positioned for growth, expansion and investment with a strong
balance sheet, access to significant liquidity through £0.7 billion of
undrawn bank facilities, loan to value of 17 per cent and net debt of £0.8
billion on a proportionally consolidated basis. The £275 million
exchangeable bond was repaid on maturity in March 2026 using existing cash
resources.

Enquiries:

 

 Shaftesbury Capital PLC                                                         +44 (0)20 3214 9150
 Ian Hawksworth           Chief Executive
 Situl Jobanputra         Chief Financial Officer
 Sarah Corbett            Director of Commercial Finance and Investor Relations

  Media enquiries:

 UK: Hudson Sandler  Michael Sandler   +44 (0)20 7796 4133

 UK: RMS Partners    Simon Courtenay   +44 (0)20 3735 6551
 SA: Narrate         Rachel Quigley    +27 (0)11 447 3030

 

About Shaftesbury Capital

Shaftesbury Capital PLC ("Shaftesbury Capital") is the leading central London
mixed-use REIT and is a constituent of the FTSE-250 Index. Our property
portfolio under management, valued at £5.4 billion, extends to 2.8 million
square feet of lettable space across the most vibrant areas of London's West
End. With a diverse mix of shops, restaurants, cafés, bars, residential and
offices, our destinations include the high footfall, thriving neighbourhoods
of Covent Garden, Carnaby, Soho and Chinatown. Our properties are close to the
main West End Underground stations and transport hubs for the Elizabeth Line.
Shaftesbury Capital shares are listed on the London Stock Exchange ("LSE")
(primary) and the Johannesburg Stock Exchange ("JSE") (secondary) and the A2X
(secondary).

Our purpose

Investing to create thriving destinations in London's West End where people
enjoy visiting, working, and living.

Our values

We have a set of values that are fundamental to our behaviour, decision making
and the delivery both of our purpose and strategy: Act with integrity; Take a
creative approach; Listen and collaborate; Take a responsible, long-term view;
and Make a difference.

Forward-looking statements

This press release includes statements that are forward-looking in nature.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements
of the Company to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements. Any
information contained in this press release on the price at which shares or
other securities in the Company have been bought or sold in the past, or on
the yield on such shares or other securities, should not be relied upon as a
guide to future performance.

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