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Shaftesbury updates on strong trading

By Paul Norman - Friday, February 09, 2018 10:32

Shaftesbury, the REIT that owns a 14.9 acre portfolio in London's West End, has highlighted high occupancy levels and leasing activity in a trading and finance update for the period 1 October 2017 to 8 February 2018.

The update comes ahead of the company’s Annual General Meeting being held later today.

It highlighted continuing high footfall and robust trading through the period and high occupancy levels and said leasing activity remains strong.

It also flagged good progress in letting its recent larger schemes: 52% of completed space is now let or under offer.

Strategic acquisitions in the period included 72 Broadwick Street, Carnaby and six shops in Neal Street, Seven Dials.

The equity base was strengthened through a share placing in December 2017, raising £260.4m.

Brian Bickell, chief executive, said: “The economic strength and resilience of London’s West End lies in its enduring local, national and global appeal as a destination of choice for people and businesses.

"Throughout the period, and particularly from November in the lead up to Christmas and New Year, we have seen continuing high footfall and robust trading across our areas. Occupancy levels in our portfolio remain high, available space continues to attract considerable interest, and we are making good progress in letting our recent larger schemes.”

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