Strong London market lifts Shaftesbury NAV

Shaftesbury, which owns properties in Soho, Charlotte Street, Covent Garden and Carnaby Street, posted a rise in full year net asset value as it continues to benefit from the strong London market.

FTSE 250

20,508.75

15:45 15/11/24

n/a

FTSE 350

4,453.56

15:45 15/11/24

n/a

FTSE All-Share

4,411.85

15:45 15/11/24

n/a

Real Estate Investment Trusts

2,144.53

15:44 15/11/24

0.62%

13.29

Shaftesbury

421.60p

16:44 03/03/23

1.30%

5.40p

For the year ended 30 September, NAV per share rose 21.9% to £8.69, compared with 25% growth the previous year.

Earnings were up 10.7% to £31.6m and the property investment company declared a final dividend per share of 6.925p from 6.6p last year, bringing the total dividend for the year to 13.75p, up 5% from 2014.

Chief executive Brian Bickell said: “The West End continues to flourish, benefiting from the long-term growth in London's economy, population and visitor numbers.

“Our exceptional portfolio, based in the busiest and liveliest parts of the West End, is focused on shops, restaurants, cafés and pubs. Extending to over 1 million sq. ft., these uses produce 70% of our rental income. They have a long record of sustained demand and rental growth, unaffected by wider economic and property market cycles.”

Bickell said he remains confident that the group’s strategy will continue to deliver growth in rental income, long-term values and returns for shareholders.

At 1010 GMT, Shaftesbury shares were down 0.9% to 911.50p.