London-focused property company Shaftesbury (SHB.L) remains on the hunt for new buys in its core West End market, as its enduring status as a tourist magnet helps to offset property market chills sweeping across Britain,Reuters reports.
"Although much uncertainty persists regarding the future direction of both the domestic and international economies, London's West End continues to flourish, thanks to unrivalled attractions which bring growing numbers of visitors," Shaftesbury said in a trading update from Apr. 1 to date.
"We are confident that the underlying strengths of the locations in which we invest and our management strategy will continue to deliver sustained out-performance in income and capital values," the statement said.
Shaftesbury, which owns more than 500 shops, restaurants and bars in the West End, has bought 63 million pounds ($99 million) of property in the 10 months to July 31 and has committed debt facilities of 575 million pounds to fuel a further investment spree.
It said completion of its St Martin's Courtyard development, part of a joint venture with the Mercers' Company in Covent Garden, was due in phases from this autumn.
To date, 72 percent of the scheme's space has been let, pre-let or is under offer, generating a total rental value of 10.5 million pounds. It said it was seeing "active interest" in the remaining space.
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