Shaftesbury Plc, the largest landlord in central London and the West End reported its first profit in more than two years after the value of its properties appreciated.
Values started to recover a year ago after a drop in the pound and a two-year slide in prices buoyed investment demand. Shaftesbury’s owns over 450 properties in Carnaby, Covent Garden, Chinatown, Berwick Street and Charlotte Street.
The West End Property Company earned 122.7 British pounds ($176 million) in the six months ended March 31, after losing £159.9 million in the prior-year period.
"Although the outlook for the UK and European economies remains uncertain, London's West End is prospering," Shaftesbury Chairman John Manser said.
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