Shaftesbury Capital (SHC) Trading Update summary

Trading performance and leasing activity

• High footfall and strong customer sales growth observed across West End estates, with 192 leasing transactions completed at rents 9% above June 2024 ERV and 7% above previous passing rent.

• Low vacancy rates, with only 2.1% of ERV available to let and total EPRA vacancy at 2.7%, down from 4.5% in June 2024.

• 48 new retail and hospitality openings since July, including prominent brands like Longines, Barbour, and Farm Rio.

• Office and residential portfolios continue to perform well, with high-quality office space achieving rents above £100 per sq ft and limited residential vacancy.

Asset management and investment activity

• £240 million of asset disposals completed over 18 months, with £152 million in 2024; £86 million reinvested in targeted acquisitions.

• Sale of 50% interest in Longmartin joint venture for £94 million, close to December 2023 book value.

• Active pipeline of asset acquisitions under review, focusing on core streets with strong rental growth prospects.

Financial position and liquidity

• EPRA loan-to-value ratio at 29% (down from 30% in June 2024), with net debt of £1.4 billion.

• Over £550 million in cash and undrawn facilities available, supporting ongoing investment and operations.

• £57.5 million of private placement debt repaid in August, with a further £37.5 million due in December.