Shaftesbury acquires Jaeger House, 57 Broadwick St

SHAFTESBURY ACQUIRES JAEGER HOUSE, 57 BROADWICK STREET, LONDON W1

Shaftesbury PLC, the FTSE250 Real Estate Investment Trust, has acquired Jaeger House, 57 Broadwick Street, for £30.75 million.

Jaeger House is on the eastern boundary of the Company's ownership of 4.1 acres in Carnaby and close to its growing holdings in Soho, which now extend to 1.1 acres; these holdings have a combined book value in excess of £860 million. Broadwick Street is an increasingly important east-west pedestrian route through Soho, linking Carnaby and Berwick Streets.

The property, built in 1970, currently comprises 24,900 sq. ft. of office and retail accommodation on lower floors, together with 37 flats sold on long leases above the commercial space. Commercial tenancies, which expire in June 2015, currently produce rental income of £0.9 million per annum. The building offers a number of interesting options including the potential, subject to planning consent, to increase and reconfigure space and introduce new planning uses.

The purchase of Jaeger House follows the Company's announcement on 6 March 2014 of the acquisition of a long leasehold interest in Newport Sandringham, a 49,700 sq. ft. retail and restaurant property in Chinatown for £54.4 million.

Both the Newport Sandringham and the Jaeger House purchases, which total £85.15 million excluding purchase costs, will be funded from the proceeds of the Company's £156.6 million equity issue which was announced on 6 March 2014.

Brian Bickell, Shaftesbury's Chief Executive, commented:

" Jaeger House is a valuable addition to our substantial holdings in Carnaby and Soho, which now have a combined book value in excess of £860 million. Broadwick Street is a few minutes from the Dean Street entrance to the new Tottenham Court Road Crossrail hub. Our long-term strategy for the building will reflect the growing popularity and importance of this location for businesses, visitors and residents".

-ends-

Date: 24 March 2014

For further information please contact:

Shaftesbury PLC Broker Profile

Brian Bickell, Chief Executive Simon Courtenay

Chris Ward, Finance Director Tamsin Shephard

020 7333 8118 020 7448 3244