Shaftesbury said on Wednesday that the value of its portfolio has risen, with occupancy and footfall continuing to recover as the revival of the West End gathers pace.
The property group, which owns a 16-acre portfolio in the heart of London’s West End, said that as at 30 September, the valuation of its portfolio was £3bn, up £165m on the six-month period since the end of March. On a like-for-like basis, this is an increase of around 5% over the second half of its financial year, following a 10.1% LFL decline in the six months to 31 March.
Shaftesbury said the increase in the valuation reflects recently improved occupancy levels, stabilisation of earnings rental values and a reduction in the valuer’s estimate of the potential short-term loss of income from occupier rental support.
Chief executive Brian Bickell said: “The rebound in footfall and trading across our locations reported in our August update has continued, boosted by the rapidly growing return of the local office-based workforce.
“Occupancy levels are benefitting from the robust recovery in occupier demand and leasing activity for both commercial and residential accommodation across our meticulously curated, popular West End locations.”
At 1555 BST, the shares were up 2.1% at 608p.
