TIDMSHB
RNS Number : 7084P
Shaftesbury PLC
20 October 2021
Shaftesbury PLC
Trading update
Increase in portfolio valuation and further reduction in
vacancy
Shaftesbury PLC, the Real Estate Investment Trust that owns a
16-acre portfolio in the heart of London's West End, today
announces an update on portfolio valuation and vacancy ahead of
releasing its preliminary results on 30 November 2021.
Brian Bickell, Chief Executive, commented:
"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.
The indicative wholly-owned portfolio valuation at 30 September
2021 shows a like-for-like increase of circa 5% since 31 March
2021, with rental values stabilising and investment sentiment
improving as the revival of the West End gathers pace."
Increased valuation
The indicative external valuation of the wholly-owned portfolio
at 30 September 2021 is GBP3.0 billion, an increase of GBP165
million in the six month period since 31 March 2021. On a
like-for-like basis, this represents an increase of circa 5% over
the second half of our financial year, which follows a 10.1%
like-for-like decrease in the six months to 31 March 2021.
The increase in the valuation since 31 March 2021 reflects
recently improved occupancy levels, stabilisation of ERVs and a
reduction in the valuer's estimate of the potential short-term loss
of income from occupier rental support. With sustained improvement
in the occupational market, and a more-certain outlook, the
portfolio's equivalent yield has tightened by around 20 basis
points.
Further reduction in vacancy
Available-to-let vacancy at 30 September 2021
The recovery in occupier demand reported in our trading
statement in August 2021 has continued, resulting in a further
decrease in vacancy. At 30 September 2021, available-to-let vacancy
was 2.9% of portfolio ERV, down from 4.6% at 31 July 2021 and 8.4%
at 31 March 2021.
Hospitality
and leisure Retail(1) Offices Residential Total 31.7.21 31.3.21
---------------- ------------- ---------- -------- ------------ ------ -------- --------
ERV (GBPm) 0.6 2.0 1.3 - 3.9 6.2 11.1
% of portfolio
ERV 0.4% 1.5% 1.0% - 2.9% 4.6% 8.4%
---------------- ------------- ---------- -------- ------------ ------ -------- --------
31.7.21 0.6% 1.5% 1.3% 1.2% 4.6%
31.3.21 1.2% 1.8% 3.0% 2.4% 8.4%
---------------- ------------- ---------- -------- ------------ ------ -------- --------
1. Includes 9 shops let on a temporary basis with an ERV of
GBP1.0 million (0.8% of portfolio ERV)
We have seen a reduction in vacancy across all uses since
pandemic restrictions began to be relaxed in April and our upper
floors now only account for 33% of available-to-let vacancy
(31.3.2021: 64%, 31.7.2021: 55%). At 30 September 2021 we had no
available apartments (31.3.2021: 123; 31.7.2021: 65).
Space under offer at 30 September 2021
Hospitality
and leisure Retail Offices Residential Total 31.7.21 30.3.21
---------------- ------------- ------- -------- ------------ ------ -------- --------
ERV (GBPm) 1.3 1.8 0.6 0.2 3.9 6.5 4.7
% of portfolio
ERV 1.0% 1.5% 0.4% 0.1% 3.0% 4.9% 3.5%
---------------- ------------- ------- -------- ------------ ------ -------- --------
31.7.21 1.8% 1.4% 1.1% 0.6% 4.9%
30.3.21 1.4% 1.1% 0.5% 0.5% 3.5%
---------------- ------------- ------- -------- ------------ ------ -------- --------
At 30 September 2021, space under offer represented 3.0% of
portfolio ERV, down from 4.9% at 31 July 2021. Of the total, to
date, lettings totalling GBP0.9 million (0.7% of portfolio ERV)
have now completed.
20 October 2021
This announcement includes unaudited financial information in
relation to the year ended
30 September 2021 and contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 (as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018) and has been announced in accordance with
the Company's obligations under Article 17 of that Regulation. This
announcement has been authorised for release by the Board.
The person responsible for arranging the release of this
announcement is Desna Martin, Company Secretary.
For further information:
Shaftesbury PLC 020 7333 8118 RMS Partners 020 3735 6551
Brian Bickell, Chief Executive Simon Courtenay
Chris Ward, Chief Financial Officer simon.courtenay@rmspartners.co.uk
MHP Communications 020 3128 8193
Oliver Hughes/Rachel Farrington
Shaftesbury@mhpc.com
Shaftesbury PLC LEI : 213800N7LHKFNTDKAT98
N otes for editors
Shaftesbury is a Real Estate Investment Trust which invests
exclusively in the liveliest parts of London's West End. Focused on
hospitality and retail, our portfolio is clustered mainly in
Carnaby, Seven Dials and Chinatown, but also includes substantial
ownerships in East and West Covent Garden, Soho and Fitzrovia.
Extending to 16 acres, the portfolio comprises 1.1 million sq.
ft of restaurants, cafés, pubs and shops, 0.4 million sq. ft. of
offices and 0.4m sq. ft. of apartments. All our properties are
close to the main West End Underground stations, and within ten
minutes' walk of the two West End transport hubs for the Elizabeth
Line, at Tottenham Court Road and Bond Street.
In addition, we have a 50% interest in the Longmartin joint
venture, which has a long leasehold interest, extending to 1.9
acres, in St Martin's Courtyard in Covent Garden.
Our purpose
Our purpose is to contribute to the success of London's West End
by curating lively and thriving villages where people live, work
and visit. Our proven management strategy is to create and foster
distinctive, attractive and prosperous locations. We have an
experienced management team focused on delivering our long-term
strategic objectives, ultimately to deliver a positive,
long-lasting contribution to the West End.
Our values
The core values that are fundamental to our behaviour, decision
making and the delivery both of our purpose and strategic
objectives are: being human in how we operate, original in how we
nurture talent and think, community minded in our approach to the
West End, being responsible and long term in our approach to
everything.
Forward-looking statements
This document, the latest Annual Report and Shaftesbury's
website may contain certain "forward-looking statements" with
respect to Shaftesbury PLC (the Company) and the Group's financial
condition, results of its operations and business, and certain
plans, strategy, objectives, goals and expectations with respect to
these items and the economies and markets in which the Group
operates. Forward-looking statements are sometimes, but not always,
identified by their use of a date in the future or such words as
"anticipates", "aims", "due", "could", "may", "should", "expects",
"believes", "intends", "plans", "targets", "goal" or "estimates"
or, in each case, their negative or other variations or comparable
terminology.
Forward-looking statements are not guarantees of future
performance. By their very nature forward-looking statements are
inherently unpredictable, speculative and involve risk and
uncertainty because they relate to events and depend on
circumstances that will occur in the future. Many of these
assumptions, risks and uncertainties relate to factors that are
beyond the Group's ability to control or estimate precisely. There
are a number of such factors that could cause actual results and
developments to differ materially from those expressed or implied
by these forward-looking statements.
Any forward-looking statements made by, or on behalf of,
Shaftesbury PLC speak only as of the date they are made and no
representation or warranty is given in relation to them, including
as to their completeness or accuracy or the basis on which they
were prepared. Except as required by its legal or statutory
obligations, Shaftesbury PLC does not undertake to update
forward-looking statements to reflect any changes in its
expectations with regard thereto or any changes in events,
conditions or circumstances on which any such statement is
based.
Information contained in this document relating to Shaftesbury
PLC or its share price, or the yield on its shares, should not be
relied upon as an indicator of future performance. Nothing
contained in this document, the latest Annual Report or
Shaftesbury's website should be construed as a profit forecast or
an invitation to deal in the securities of the Company.
Ends
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