Shaftesbury Capital optimistic on sustained rental demand in 2026
Shaftesbury Capital PLC on Thursday hailed a positive start to 2026 in a trading statement before its annual general meeting.
The real estate investment trust invests in commercial properties in London’s West End. Its shares rose 0.8% to 129.50 on Thursday morning in London. The stock fell 0.1% to R 28.74 in Johannesburg.
Shaftesbury said it had completed 151 new leases and renewals in the four months to April 30. Leasing transactions completed over the same period have added about £13.7 million to rent, the company noted. The transactions were completed approximately 5% ahead of their estimated rental value in December, and 18% ahead of previous passing rents.
As it stands, only 2.5% of Shaftesbury’s portfolio ERV is currently available to let, compared with only 1.7% as of May 2, 2025. An additional 1.2% is currently under offer and about 4.6% or £12.3 million of ERV is under refurbishment, with £16 million invested in capital expenditure and acquisitions so far in 2026.
Its properties in the Chinatown neighbourhood are fully occupied, and it is also optimistic about developments in the Carnaby Street shopping district, where beauty franchise Sephora is set to open its first West End store in the summer.
Chief Executive Ian Hawksworth commented: ‘Shaftesbury Capital has made a positive start to 2026, demonstrating the strength and resilience of our prime West End portfolio. Despite an uncertain geopolitical backdrop... There continues to be competitive demand for space in our high-footfall destinations. With high occupancy, a strong leasing pipeline and backed by a very strong balance sheet, we remain confident in achieving our medium-term targets.’
Shaftesbury’s undrawn bank facilities totalled £700 million at the end of April, its loan-to-value ratio was 17%, flat on-year, and net debt stood at £800 million on a proportionally consolidated basis, versus £700 million at May 2, 2025.
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