25th Feb 2021 10:47
(Alliance News) - Shaftesbury PLC on Thursday said coronavirus restrictions had hurt its performance in the final quarter of 2020.
The London-based real estate investment trust reported 45% of rent collected for the quarter to the end of 2020, and 36% of January rents collected to date.
Going forward, the company noted early signs of improving occupier interest.
Shaftesbury said 10.8% of estimated rental value was vacant as at the end of 2020 compared to 10.2% at the end of September 2020. Shaftesbury noted that the net vacancy increase is largely due to scheme completions.
"The relaxation of pandemic restrictions will herald the revival of the West End's economy in the months ahead, with a gradual return of local and domestic footfall and the reopening of hospitality businesses, shops and its world-renowned cultural and leisure attractions," said Chief Executive Brian Bickell.
"Our portfolio is located in the heart of the most vibrant part of London and we are optimistic that the appeal of our carefully-curated destinations will drive the return of footfall and trading," added Bickell.
Shaftesbury shares were trading 0.4% lower in London on Thursday morning at 649.50 pence each.
By Evelina Grecenko; [email protected]
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