Shaftesbury Capital (SHC) Trading Update summary

Trading performance and leasing activity

• Strong demand in West End portfolio with 128 leasing transactions, £11.3m new contracted rent, 8% above Dec 2024 ERV and 9% above previous rents.

• Annualised rent roll up 3% since year end to £210m; high occupancy with only 1.7% of ERV available to let.

• Notable new openings include Nespresso, Dolce & Gabbana, Autry, Farm Rio, and several restaurants and retail brands.

• Office and residential portfolios remain in high demand, with prime office space achieving over £110 per sq ft and minimal residential vacancy.

Strategic partnerships and financial position

• Completed £2.7bn long-term partnership with NBIM for Covent Garden estate, generating £570m in cash proceeds.

• Proceeds enhance financial flexibility for investment, expansion, and debt repayment; £34m invested in acquisitions YTD.

• Three property disposals generated £12.3m, in line with Dec 2024 valuations.

• Pro forma EPRA loan-to-value ratio reduced to 17%, net debt at £0.7bn, and liquidity over £1.1bn.

Asset management and growth initiatives

• Active refurbishment and asset management with £12.5m ERV under refurbishment, 35% pre-let.

• Marketing initiatives and events, such as Chinese New Year and Easter, support footfall and sales growth.

• Pipeline of acquisitions remains strong, with several buildings under review for future growth.