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Demand for West End property evident in Shaftesbury results

Shaftesbury has published results for the year ended 30 September 2015. The EPRA NAV increased by 21.9% to 869p and EPRA earnings per share increased by 6.6% to 13p. The total dividend for the year was upped by 5% to 13.75p.

Commercial rent reviews came in at 24.8% above previous rents, equivalent to five-year compound annual growth of 4.5%.

They made acquisitions totalling £25.8m in Carnaby, Covent Garden, Soho and Charlotte Street.  Further purchases totalling £22.1m were secured after the year end. Shaftesbury completed a major mixed-use scheme fronting Foubert’s Place and Kingly Street in the Spring and let it for more than ERV. Planning consent was granted for a 45,500 sq. ft. scheme fronting Charing Cross Road, Newport Court and Newport Place.  Vacant possession is expected by end 2015 with construction starting early in 2016.  Completion expected by mid-2017. A planning application was submitted for their 33,000 sq. ft. mixed-use scheme at 57 Broadwick Street, Carnaby. Subject to consent, they expect development to be underway by mid-2016.

They extended the weighted average maturity of their debt from 7.1 years to 10.2 years while reducing the average borrowing cost from 5.11% to 4.92%. The loan to value ratio fell from 23.6% to 22.5%.

SHB : Demand for West End property evident in Shaftesbury results

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