Shaftesbury Capital has hailed ‘positive’ trading across its West London portfolio after sales climbed above pre-pandemic levels in the first half.
The landlord posted reported sales growth of 15 per cent for the six months to 30 June as Shaftesbury shrugs off concerns about the broader property market, which has been weighed down by rising interest rates and consumer weakness.
The FTSE 250 company attributed the increase in sales to high footfall in its West End stores, which has been ‘buoyed by increasing international visitor numbers’.
Shaftesbury Capital owns large parts of Chinatown, Carnaby Street and upmarket Fitzrovia, north of Oxford Street and the Covent Garden market
The London-based investment and development company said that it was experiencing excellent operational momentum and leasing activity along with low vacancy rates of 2.5 per cent of ERV available to let at its properties.
Shaftesbury Capital shares were up 1.3 per cent to 421.60p in midday trading on Thursday.
Ian Hawksworth, chief executive of Shaftesbury Capital, said: ‘We have had an excellent start as a newly merged company, creating the leading central London mixed-use REIT.’
The results mark the first Shaftesbury has published since it merged with another London’s major property firm Capital & Counties Properties earlier this year.
In May, the pair announced a £5billion merger that will unite some of the most valuable areas of London’s West End.
The combined firm now control 2.9m square feet of prime real estate in central London, including shops, restaurants, offices and housing.
Hawksworth added: ‘The team has come together to deliver strong performance with growth in annualised rent and ERV with a strong pipeline of demand for the second half. Despite the challenging macroeconomic backdrop, valuations are unchanged reflecting the resilience of our exceptional portfolio.
‘Trading conditions across our West End locations are positive, with high footfall and customer sales now tracking 15 per cent ahead of 2019 levels.
‘We are already seeing the benefits of the combined platform and with our strong balance sheet, we look forward with confidence on delivering further growth and returns in the years ahead.’
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