Property Flash


March 19 2024

In exciting news, Shaftesbury Capital, a JSE and London-listed real estate investment trust (Reit) which owns London assets in districts such as Covent Garden, Carnaby Soho, Chinatown and Fitzrovia, enjoyed a much improved performance in 2023 compared with 2022. Today, Shaftesbury’s portfolio includes retail, hospitality and leisure offices and residential properties in London’s West End.

These results follow the merger of Capital & Counties and Shaftesbury which was completed in March 2023.

Shaftesbury led by CEO Ian Hawksworth reported significant rental income growth and cost savings in 2023.

Gross income increased 10.4% like-for-like to £192.8m (R4.7bn). The valuation of the wholly-owned portfolio slipped marginally by -0.8% on a like-for-like basis at £4.8bn (R116bn). Vacancies were low at 2.1%. As much as £145m (R3.5bn) of asset disposals were completed, 8% ahead of valuation.

The balance sheet offered £486m (R12bn) of liquidity, and a loan to value at 31%.

A final dividend of 1.65 pence (R0.40) a share was declared, bringing the full-year dividend to 3.15 pence a share, 47% up from 2.15 pence last year.

Hawksworth said over the medium-term the company would target rental growth of between 5% and 7% per annum.

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