7th Feb 2014 08:55
LONDON (Alliance News) - Shaftesbury PLC, the property company focused on the west end of London, Friday said it is continuing to experience strong demand and high occupancy, while it has bought more properties in key areas like Soho and Chinatown.
The company said that visitor numbers and spending, particularly in its restaurants, cafes and bars, proved resilient despite the poor weather and storms over the Christmas and New Year period.
"With continuing strong demand for all uses our portfolio remains substantially fully let, and our numerous refurbishment and reconfiguration schemes are letting quickly on completion. Importantly, the quality and variety of the businesses we are attracting are enhancing the shopping, restaurant and leisure choices across our central West End villages, in line with our long-term management strategy," it said in an interim management statement.
Shaftesbury said it had bought five properties for a total of GBP10.5 million in the three months to end-December and agreed terms to buy another three properties for GBP9.25 million. The completed deals include two shops, one restaurant, one bar and five apartments in Charlotte Street and Chinatown.
Its Longmartin joint venture also bought in a long leasehold interest on 7,500 square foot office space.
Shaftesbury's total debt stood at GBP611.8 million at the end of December, up GBP6.6 million since the end of September. It said talks to refinance its bank facilities which mature in 2016 are progressing.
Its vacancy rate in properties held or under refurbishment was 4.9% of estimated rental value at the end of December, down from 5.3% at the end of September, while the vacancy rate in the available to let properties was 1.7%, down from 2.3%.
Shaftesbury shares were up 0.5% at 629.5 pence early Friday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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