Shaftesbury Capital has posted a profit in its first set of annual accounts since the merger of Shaftesbury and Capco, and is now eyeing acquisitions and disposals.
The company turned a profit of £750.4m for 2023 compared to a pro forma year-ago loss of £211.8m. EPRA NTA stood at of 190p per share against a December 2022 pre-merger figure of 182p.
Valuation movement of the company’s wholly-owned portfolio was -0.8% on a like-for-like basis at £4.8bn, with ERV growth offset by a yield movement of 26 basis points to 4.34%. Total property return was 2.2%.
The company has struck £145m of asset disposals since the merger, at 8% ahead of valuation, with “several other” assets under offer, it said. “We are well-positioned with access to significant liquidity to act on appropriate market opportunities,” the company said. “Assets remain tightly held in the area, however there are acquisition opportunities under review which meet our criteria to deliver attractive long-term rental growth and total returns.”
Chief executive Ian Hawksworth said: “It has been an excellent start for Shaftesbury Capital, with positive metrics delivered across the business. We set clear priorities and are pleased with the pace and performance over the first year with significant rental income growth and cost savings driving financial performance. There is strong leasing activity and pipeline across all uses with 526 leasing transactions completed at rents on average 10% ahead of December 2022 ERV.
“Despite geopolitical and macroeconomic uncertainty, our portfolio has demonstrated its exceptional qualities with a stable portfolio valuation. There is a broad pool of investors attracted to prime West End real estate as demonstrated by recent sales totalling £145m at a premium to valuation.”
Photo from Shaftesbury Capital
Send feedback to Tim Burke
Follow Estates Gazette
