SHB Shaftesbury Plc

TIDMSHB

RNS Number : 5553N

Shaftesbury PLC

10 May 2018

Shaftesbury PLC

Strategic acquisition in Carnaby

Shaftesbury PLC, the Real Estate Investment Trust which owns a 14.9 acre portfolio in London's West End, announces that it has exchanged contracts to acquire the freehold of 35 and 36 Great Marlborough Street, Carnaby for GBP22.7 million, inclusive of acquisition costs. This brings Shaftesbury's gross expenditure on acquisitions since 1 October 2017 to GBP140.1 million.

Located at the northern gateway in to Carnaby, the buildings comprise two shops (3,000 sq. ft.) with 4,250 sq. ft. of office accommodation on the upper floors. Current contracted income is GBP0.54 million per annum.

Brian Bickell, Chief Executive, commented:

"This important acquisition consolidates further our ownership at the busy northern entrance to the 14 streets of Carnaby.

We are discussing plans to materially improve the streetscape in the vicinity with Westminster City Council. Together with our wider estate management strategy, this will bring sustained growth in medium term rental prospects."

10 May 2018

For further information:

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

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 Carnaby ownership now comprises 99 shops (183,000 sq. ft.), 59 restaurants, cafes and bars (180,000 sq.ft.), 303,000 sq.ft of office accommodation and 109 apartments (67,000 sq.ft.).

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

END

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May 10, 2018 02:00 ET (06:00 GMT)

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