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Shaftesbury PLC - London-based real estate investment trust - At March 31, says indicative external valuation of its wholly-owned properties was £3.36 billion. This represents a 8.3% increase against its valuation of £3.01 billion at September 30. On a like-for-like basis this represents an increase of 7.5%. Company explains increase was driven by like-for-like estimated rental value growth of 6.4% over the six months to March 31. This, it continues, reflects sustained occupier demand and low levels of vacancy. Trading returning towards pre-pandemic levels, it adds.
Chief Executive Brian Bickell says: ‘I am pleased to report that confidence, footfall and sales across our villages continue to recover well. Demand/supply tension in our locations, reflecting strong interest from potential occupiers across all uses and low vacancy, is driving a recovery in rental levels which has been the main component of the valuation increase over the six months to March 31. We are now looking forward to an extended period of uninterrupted trading as we enter the important summer season.’
Current stock price: 604.80 pence, up 1.5% in London
12-month change: down 4.4%
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