Shaftesbury’s NAV increased by 25.7% in the year to 30 September on the back of soaring West End values. NAV rose to £7.13 from £5.67 in 2013 as the value of its portfolio, which includes Seven Dials in Covent Garden, WC2, (pictured) and Carnaby Street, W1, increased by £426.4m to £2.6bn.
The valuation increase helped to push post-tax profit up by 84% to £440.4m. The company’s portfolio is now 99.4% let, following lettings with a rental value of £20.2m over the course of the year. The company’s weighted average maturity of debt is now 7.1 years, up from 5.8 years, and it has £139.4m of spending firepower.
Gearing is 23.6%.
jack.sidders@estatesgazette.com
