Shaftesbury says footfall high, trading 'robust'

FTSE 250 real estate investment trust Shaftesbury said on Friday that it has seen continuing high footfall and "robust" trading in the period from 1 October 2017 to 8 February 2018.

In a trading update ahead of its annual general meeting later in the day, the company said occupancy levels remain high, while leasing activity remains strong. During the first quarter, lettings, renewals and rent reviews totalled £7.7m, achieving rental levels ahead of estimated rental values at 30 September 2017.

In addition, it has seen good progress in letting its recent large schemes, with 52% of completed space now let or under offer.

During the period, Shaftesbury bought the freehold of 72 Broadwick Street for £92.2m and acquired six buildings on Neal Street, Seven Dials, for £24.4m. It also sold two non-core properties comprising two shops, 1,875 square ft of office space and three apartments, generating net proceeds after sale costs of £12.9m.

Chief executive Brian Bickell said: "The economic strength and resilience of London's West End lies in its enduring local, national and global appeal as a destination of choice for people and businesses.

"Throughout the period, and particularly from November in the lead up to Christmas and New Year, we have seen continuing high footfall and robust trading across our areas. Occupancy levels in our portfolio remain high, available space continues to attract considerable interest, and we are making good progress in letting our recent larger schemes."