14th Jun 2023 08:40
(Alliance News) - Shaftesbury Capital PLC on Wednesday reported higher rental growth in the first 100 days of the business after the merger of Capital & Counties Properties PLC and Shaftesbury PLC, which was completed on March 6.
The London-based property investment and development company noted strong demand across all uses and encouraging trading activity for its customers.
It signed 173 leasing transactions in the first five months to May 31 with a combined rental value of GBP11.4, up 6% ahead of 2022 estimated rental value.
Shaftesbury Capital in Residential particularly, new contracted rent totalled 3.5 million, with 99 leases signed.
In addition, 35 commercial rent reviews were concluded, with a rental value of GBP6.4 million. This was 7% ahead of previous passing rents.
Chief Executive Ian Hawksworth said: "We are pleased with the first 100 days of activity across Shaftesbury Capital with the integration of our business and talented team progressing well. We are encouraged by operational progress, prospects for our prime West End portfolio and the benefits we are seeing from the combined platform."
In March, the all-share merger of Capital & Counties Properties and Shaftesbury to form Shaftesbury Capital was completed. Last June, Shaftesbury and Capital & Counties Properties agreed to create a London focused property investor with a combine portfolio value of GBP5.0 billion.
Shares were up 0.7% at 119.30 pence each on Wednesday morning in London.
By Xindi Wei, Alliance News reporter
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