Shaftesbury plans £265m placing to fund acquisitions

The new proceeds will be used to finance the acquisition of 72 Broadwick Street for £92m, with additional anticipated capital expenditure of around £20m, which it announced on Wednesday, and the previously-announced acquisition of a long-leasehold interest in 90-104 Berwick Street for £41m.

Part of the proceeds will also fund £9m of other property acquisitions in the preceding six months and the remainder of the proceeds will be used to provide financial capacity for further acquisitions, as opportunities arise and to fund value-enhancing schemes.

Chief executive Brian Bickell said: "We are pleased to have secured the important, strategic ownership of 72 Broadwick Street, in the centre of Carnaby. It offers exciting opportunities to reconfigure space on the lower floors to provide new restaurant and retail space, adding to Carnaby's renowned variety of shops, restaurants and leisure choices. The upgraded office and residential accommodation will benefit from their proximity to the new Crossrail ticket hall on Dean Street and Broadwick Street's growing profile and footfall as a major east-west route in Soho.

"Securing additional equity will support the continuing expansion of, and investment in, our exceptional portfolio located in the heart of London's West End."

Shaftesbury also gave a very brief update on its current trading and financial position, saying that other than the acquisition of 72 Broadwick Street, there have been no material changes since the full-year results on 28 November.