West End landlord Shaftesbury is benefiting from London’s skyrocketing rents

Tuesday, May 24, 2022 7:23 am

(Photo by Dan Kitwood/Getty Images)

West End landlord Shaftesbury has reaped the rewards of skyrocketing London rental growth as its portfolio’s valuation swells with the unveiling of the new Elizabeth line.

The real estate investment trust has taken in nearly £19m in rent in the six months to March 31 as its office, hospitality and leisure, retail and residential portfolio appreciate in value by an average of 7.5 per cent.

The London-listed company is currently going through a £3.5 billion merger with competitor Capital & Counties Properties (Capco), although a key investor has expressed concerns about the transaction.

Monthly sales are up about 7 percent over the past six months from pre-pandemic levels.

The long-awaited Elizabeth line is expected to further boost visitor numbers, which have recovered significantly since the pandemic, as international tourists return to London.

“The improving prospects for international leisure and business travel, the revival in confidence and growth that we are now seeing already provide a solid foundation for the return to long-term prosperity for the West End and our exceptional portfolio,” said Chief Executive Brian Bickell in a statement.

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