Shaftesbury has posted a pretax profit of £29m in its full-year results and a 4% increase in the valuation of its portfolio.
Total portfolio value grew from £3.31bn to £3.35bn and EPRA NAV was recorded at 88.8 pence per share, up 19p.
Post-tax profit dropped by 78.8% to £99.1m from £467.3m owing to a reduction in the surplus in property revaluation.
Shaftesbury said there was potential greater value for some or all parts of the portfolio.
DTZ, which valued the portfolio, noted that the unusual nature of the portfolio in its number of West End retail and leisure properties and resulting strong occupier demand meant that “some prospective purchasers may recognise the rare and compelling opportunity to acquire, in a single transaction, substantial parts of the portfolio, or the portfolio in its entirety”.
Shaftesbury added: “Such parties may consider a combination of some, or all, parts of the portfolio to have a greater value than currently reflected in the valuation included in these financial statements, which has been prepared in accordance with RICS guidelines.”
Estimated rental value based on current, established rental tones, increased by £10.0m to £138.7m.
The company has redevelopment and refurbishment schemes across 249,000 sq ft with a capital expenditure of £32.6m.
Shaftesbury acquired £62.7m during the period in Covent Garden, Soho and Charlotte Street.
Brian Bickell, chief executive of Shaftesbury, said: “The exceptional qualities and resilience of our business have delivered long-term sector outperformance. Despite present uncertainties, we are confident our impossible-to-replicate portfolio and the innovative, long-term management we bring to it, will continue this record of delivering sustained growth in total returns for shareholders.”
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