Shaftesbury Capital swings to profit in 2023

Real estate group Shaftesbury Capital said net profit for the year totalled 750.4 million pounds compared with a loss of 211.8 million pounds in 2022.

The company, which owns 2.9m sq. ft. of lettable space across Covent Garden, Carnaby, Soho, Chinatown and Fitzrovia, witnessed strong leasing activity with 526 leasing transactions completed during the year, representing 37 million pounds of rent, 10 percent versus 2022.

“We set clear priorities and are pleased with the pace and performance over the first year with significant rental income growth and cost savings driving financial performance. Despite geopolitical and macroeconomic uncertainty, our portfolio has demonstrated its exceptional qualities with a stable portfolio valuation," said Ian Hawksworth, chief executive of Shaftesbury Capital.

Annualised gross income increased 10.4 percent like-for-like to 192.8 million pounds during the year under review and ERV growth resulted in 6.9 percent like-for-like increase to 236.9 million pounds.

Commenting on the outlook, the company added that over the medium-term, it is targeting rental growth of 5 to 7 percent per annum.

“Despite the uncertain geopolitical and macroeconomic backdrop, our strong performance and leasing pipeline together with positive trading conditions across our West End locations provide us with confidence in the growth prospects for our exceptional portfolio,” Shaftesbury Capital said.