Shaftesbury PLC Important Seven Dials acquisition (8596Z)

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RNS Number : 8596Z

Shaftesbury PLC

20 December 2017

Shaftesbury PLC

Important Seven Dials acquisition

Shaftesbury PLC, the Real Estate Investment Trust which owns a 14.9 acre portfolio in London's West End, announces that it has acquired six buildings on Neal Street, Seven Dials, for GBP24.6 million, inclusive of acquisition costs.

Located on the northern end of Neal Street, between Short's Gardens and Shaftesbury Avenue, the buildings are adjacent to existing holdings and comprise six shops (5,200 sq. ft.) with sold-off residential accommodation above. Current contracted income is GBP0.6 million per annum.

Brian Bickell, Chief Executive, commented:

"We are pleased to have secured this important acquisition, which increases our ownership of frontages on the northern section of Neal Street to around 70%.

Situated close to the Tottenham Court Road Crossrail hub, the northern end of Neal Street is forecast to see material footfall growth once the Elizabeth Line service starts in December 2018. Current rental tones on this part of the street are significantly lower than at the southern end. However, with the benefit of growing footfall, together with the careful curation and coherent tenant selection strategy we will implement, we expect to see this differential in rents to narrow significantly over the medium term."

20 December 2017

For further information:

 
 Shaftesbury PLC 020 7333          RMS Partners 020 3735 6551 
  8118                              Simon Courtenay 
  Brian Bickell, Chief Executive 
  Tom Welton, Property Director 
  Chris Ward, Finance Director 
                                   MHP Communications 020 
                                    3128 8100 
                                    Andrew Leach/Reg Hoare 
 

About Shaftesbury

Shaftesbury PLC is a Real Estate Investment Trust, which invests exclusively in the liveliest parts of London's West End. Our objective is to deliver long-term growth in rental income, capital values and shareholder returns.

Focussed on restaurants, leisure and retail, our exceptional portfolio now extends to 14.9 acres, clustered mainly in Carnaby, Seven Dials and Chinatown, with substantial ownerships in east and west Covent Garden, Soho and Fitzrovia.

In addition, we have a 50% interest in the Longmartin joint venture with The Mercers' Company, which has a long leasehold interest, extending to 1.9 acres, in St Martin's Courtyard in Covent Garden.

Our proven management strategy is to create and foster distinctive, attractive and prosperous locations. It is implemented by an experienced management team with an innovative approach to long-term, sustainable income and value creation, and a focus on shareholder returns. We have a strong balance sheet and conservative leverage.

Forward-looking statements

This document may contain certain 'forward-looking' statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements.

Any forward-looking statements made by, or on behalf of, Shaftesbury PLC speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Shaftesbury PLC does not undertake to update forward-looking statements to reflect any changes in its expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

Information contained in this document relating to Shaftesbury PLC or its share price, or the yield on its shares, should not be relied upon as an indicator of future performance.

Ends

This information is provided by RNS

The company news service from the London Stock Exchange

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December 20, 2017 02:00 ET (07:00 GMT)