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Shaftesbury CapitalAnnouncement

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RNS Number : 7792J  Shaftesbury Capital PLC  02 December 2025

PRESS RELEASE

02 December 2025

Trading update

Shaftesbury Capital PLC ("Shaftesbury Capital") today publishes a trading
update for the period 1 July to 31 October 2025.

 

Ian Hawksworth, Chief Executive of Shaftesbury Capital, commented:

"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. 367 transactions have been completed year to date well
ahead of ERV and previous passing rents. As customers continue to prioritise
the highest quality locations, enduring demand for our exceptional portfolio
together with strong performance and a healthy leasing pipeline give us
confidence in our medium-term targets."

 

HIGHLIGHTS:

·      367 leasing transactions completed in year to date, representing
£30.2 million of new contracted rent in aggregate 9 per cent ahead of
December 2024 ERV and 14 per cent ahead of previous passing rents. 174
transactions representing £11 million, completed in H2 to date, 4.3 per cent
ahead of June 2025 ERV and 10 per cent ahead of previous passing rents.

 

·      High occupancy across the portfolio with only 2.6 per cent of ERV
available to let and an additional 1.5 per cent currently under offer.

 

·      Our comprehensive marketing programme has once again elevated our
West End portfolio to be amongst London's most vibrant festive destinations.
With strong footfall and continued growth in customer sales, our exceptional
West End portfolio is well positioned for the Christmas trading period and
beyond.

 

·      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 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.

 

·      Soho and Carnaby Street continue to attract an exciting mix with
a number of 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. The dining
offer continues to evolve, with the opening of Heard on Foubert's Place,
alongside pizza and natural wine concept Ria's. Northern Spanish-inspired ALTA
has opened in Kingly Court and Soho icon The Shaston Arms, has relaunched
under new management.

 

·      Premium sushi brand, Sushinoya, created by Dong Hyun Kim, the
founder of Wasabi has opened in Chinatown, while Experimental Cocktail Club
has relaunched on Gerrard Street including a new live music programme.

 

·      Continued progress on asset management and refurbishment
initiatives, with £10.7 million of ERV across 134,000 square feet under
refurbishment, representing 4.1 per cent of portfolio ERV. Approximately 23
per cent is pre-let, representing £2.4 million of rental income.

 

·      Shaftesbury Capital has a strong balance sheet and maintains an
active approach to capital allocation. £80 million (before costs) has been
invested year to date in targeted acquisitions. These prime, well-located
assets provide further growth and asset management opportunities.

 

·      In October 2025, the Covent Garden partnership entered into a new
£300 million unsecured revolving credit facility with an initial maturity of
five years and the ability to extend the facility for a further two years.

 

·      Shaftesbury Capital also completed the early repayment of a £200
million senior unsecured term loan in October using cash resources. Taking
account of acquisitions and financing activity, the Group's pro forma EPRA
loan-to-value ratio (based on June valuations) is 17 per cent and net debt is
£0.8 billion on a proportionally consolidated basis. The Group has access to
significant liquidity through £675 million of undrawn facilities and over
£300 million of cash.

 

This announcement includes unaudited financial information in relation to the
period from 1 July 2025 to 31 October 2025.

 

 

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: Instinctif      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 £5.2 billion, extends to 2.7 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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