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COVID impact on West End laid bare in Shaftesbury results

The impact of the COVID-19 pandemic on London’s West End was laid bare in Shaftesbury’s full year results, which saw net asset value (NAV) fall 24.3%.

The company, which owns a 16-acre portfolio of assets in London’s West End including Carnaby Street, posted an EPRA NAV of £7.43 per share at 30 September 2020 (2019: £9.82).

The fall was mainly due to a £698.5m portfolio valuation fall (18.3%) to £3.1bn. The valuation decline was due to near-term income uncertainty, fall in occupier demand and increasing vacancy across the West End.

Vacancy was up 6.5 percentage points to 10.2% (from 3.7% in 2019), while net property income was down 24.4% to £74.3m.

The company collected just 53% of contracted rent for the six months to 30 September 2020, with 34% deferred or waived and 13% outstanding.

Financial position

The group’s loan to value (LTV) increased to 31.5% on 30 September 2020, from 23.9%, due to revaluation of portfolio.

In November, the group raised net proceeds of £294.4m in an equity raise. It used the proceeds to cancel a £125m debt facility that was due to expire in May 2022 and repaid a £100m facility.

The group’s pro-forma position is LTV of 22.1%, with available liquidity of £336.2m. Its weighted average maturity of debt is now nine years with the earliest maturity now 2023 (£100m).

SHB : COVID impact on West End laid bare in Shaftesbury results

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