Planning consent granted for 57 Broadwick Street

SHAFTESBURY PLC

PLANNING CONSENT GRANTED FOR 57 BROADWICK STREET, CARNABY

Shaftesbury PLC, the West End-focused Real Estate Investment Trust, announces that Westminster City Council's Planning Committee yesterday evening resolved to grant consent for the Group's application to reconfigure and extend 57 Broadwick Street, Carnaby, a prominent building at the eastern gateway to Carnaby.

Our scheme for the building, which was acquired in March 2014, provides for:

· The creation of flagship retail space and a restaurant, together extending to 11,000 sq. ft. over the lower floors;

· Refurbishment and extension of office space on the upper floors, to provide 20,000 sq. ft. of grade A accommodation; and

· Two apartments totaling 2,000 sq. ft.

We expect to commence works in the spring, following the expiry of existing occupational leases in April 2016, with completion in phases from late 2017. The cost of the scheme is currently estimated at £14 million.

Broadwick Street, already an important street in west Soho, links Carnaby and Berwick Street. It is expected to benefit from changing footfall patterns following the opening, in 2018, of the Crossrail Tottenham Court Road station's western ticket hall, on Dean Street. Our scheme, together with neighbouring developments and public realm improvements, are revitalising the street, bringing shops and restaurants along this increasingly busy eastern route in to Carnaby.

27 January 2016

For further information:

About Shaftesbury PLC

Shaftesbury PLC is a Real Estate Investment Trust, which owns a unique real estate portfolio extending to 14 acres in the heart of London's West End - a highly popular, sought-after and prosperous destination for visitors and businesses. Our holdings are concentrated in Carnaby, Covent Garden, Chinatown, Soho and Charlotte Street.

Our objective is to deliver long-term outperformance in growth in rental income, capital values and shareholder returns.

We focus on retail, restaurants and leisure in the liveliest parts of the West End. At 30 September 2015 our portfolio comprised 570 shops, restaurants, cafés and pubs, extending to 1 million sq. ft., which account for 70% of current income. In our locations these uses have a long record of occupier demand exceeding their availability. It also included 418,000 sq. ft. of offices and 528 apartments for rent, which provide 17% and 13%, respectively, of current income.

In addition, we have a 50% interest in the Longmartin joint venture with The Mercers' Company, which has a long leasehold interest in St Martin's Courtyard in Covent Garden. Extending to 1.9 acres, it includes 22 shops, eleven restaurants and cafés, 102,000 sq. ft. of offices and 75 apartments.

Our proven management strategy is to create and foster distinctive, attractive and prosperous locations. Its implementation is supported by an experienced management team with an innovative approach to long-term, sustainable income and value creation and a focus on shareholder returns. We have a strong balance sheet with modest leverage.

Forward-looking statements

This document may contain certain 'forward-looking' statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements.

Any forward-looking statements made by, or on behalf of, Shaftesbury PLC speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Shaftesbury PLC does not undertake to update forward-looking statements to reflect any changes in its expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

Information contained in this document relating to Shaftesbury PLC or its share price, or the yield on its shares, should not be relied upon as an indicator of future performance.

Ends