Shaftesbury buys Covent Garden freeholds for £75m

Shaftesbury Capital has completed the acquisition of the freehold interests in 25-31 James Street in Covent Garden, WC2, for £75.1m. The properties, bought from Lothbury Capital, have a contracted rent of £3.9m  and comprise 21,000 sq ft of lettable area, including 12,000 sq ft of shops and 9,000 sq ft of residential and office accommodation. Shaftesbury said the acquisition presented asset management and rental growth opportunities as well as complementing its existing ownership on James Street. The acquisition follows recent disposals totalling £145m – 8% ahead of valuation – and recycles capital towards target assets. Shaftesbury Capital said it was continuing to maintain access to liquidity through cash and undrawn facilities. Following this acquisition, it has liquidity of £467m.