Shaftesbury “largely unaffected” by retail headwinds

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Grimsey high street

Shaftesbury Group, the FTSE 250 property firm which owns large parts of London’s West End, held firm against the retail storm as it posted full year growth.

In the year to September, the Carnaby Street operator saw net income rise 6.2 per cent to £93.8 million.

Its net asset value (NAV) also rose from £2.7 billion to £3 billion over the year, thanks to a 3.8 like-for-like increase in the value of its portfolio to £3.95 billion.

This was driven by £167.8 million worth of acquisitions, including buildings in Carnaby Street, Seven Dials and Covent Garden.

Meanwhile its EPRA earnings, a measure of the underlying operating performance of an investment property company, rose 14.4 per cent to £51.7 million.

However, profits after tax dived 41.8 per cent to £175.5 million following a revaluation surplus of £123.1 million, down from £230.6 million in 2017.

“It has been another year of good progress with growth in income, earnings and the value of our portfolio,” Shaftesbury chief executive Brian Bickell said.

“Our results continue to demonstrate the appeal and qualities of our carefully-curated and iconic destinations, underwritten by the global attraction and exceptional features of London and the West End.

“Footfall and spending in our locations continues to be largely unaffected by the widely-reported headwinds affecting the national economy and consumer confidence.

“General demand continues to be firm, buoyed by the trading conditions our tenants are reporting. Importantly, our ownership clusters enable us to curate distinctive locations and we continue to focus on growing their appeal by offering an ever-evolving experience with a variety of affordable, contemporary retail, restaurant and leisure choices.”

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