Investor in West End office and retail space, Shaftesbury, has revealed a 14 per cent rise in its net asset value for the half-year.
A driving factor in the increase was the rise in the firm’s property portfolio now worth at £1.35 billion – a nine per cent rise in value. The cost of a share in the company, which owns property in Chinatown, Covent Garden and Carnaby Street, was valued at 383p from the start of this year to March 31st.
Chairman John Manser said: “Although the outlook for the UK and European economies remains uncertain, London’s West End is prospering”.
Stockbroking firm KBC Peel Hunt analysts said: “Interim results showed strong growth in the company’s irreplaceable West End assets, and shares in this most resilient stock are at a rare discount to both historical and prospective valuation”.
The investor owns 407,000 square foot of office space consisting of small let units in the majority. These lets make up 21 per cent of the firm’s current rental income. Almost 60 per cent of the office space in its portfolio is in Carnaby.
Plans to expand further in the Carnaby area are in the pipeline with the company looking to buy empty buildings in the vicinity to satisfy customer demand.