The retail squeeze is starting to show on property values, said Credit Suisse as it reappraised real estate investment trusts Hammerson, British Land and Shaftesbury.
Shaftesbury said it felt little effect from uncertainty sweeping the retail and restaurant trades in the wider economy as the West End property company reported a surge in half-year profit.
Real estate investment trust Shaftesbury has exchanged contracts to acquire 35 and 36 Great Marlborough Street in London's West End.
FTSE 250 real estate investment trust Shaftesbury said on Friday that it has seen continuing high footfall and "robust" trading in the period from 1 October 2017 to 8 February 2018.
London property developer Shaftesbury has snapped up six buildings on Neal Street near Covent Garden for £24.6m.
Shaftesbury has announced plans for a placing of up to 27.86m new ordinary shares at 952p each, representing around 9.98% of the company and raising gross proceeds of up to £265m to fund a number of acquisitions.
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Shaftesbury lifted its dividend 8.8% to 16p as the net asset value of its properties in London's West End enjoyed "healthy" demand and progress was made on letting its larger developments.
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Decision making for larger properties in London's West End is being hit by the lack of political and macroeconomic certainty, Shaftesbury reported, though demand for smaller spaces is good.
FTSE 250 real estate investment trust Shaftesbury has entered into a contract with PMB Holdings to acquire a long-leasehold interest in 90-104 Berwick Street, London W1, at £38.5m.
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As London's West End continued to attract shoppers and tourists in droves, landlord Shaftesbury hiked its half-year dividend 10.5% as its portfolio grew in value and profits surged.
West End-focussed property investment company Shaftesbury posted a trading update for the period from 1 October to 10 February on Friday, reporting "good footfall and trading" over the festive period.
British real estate investment trust Shaftesbury was under the cosh on Wednesday after Barclays downgraded the stock to 'underweight' from 'equal weight' and cut the target price to 820p from 870p, saying it has seen more attractive valuations elsewhere.
FTSE 250 real estate investment trust Shaftesbury reported a drop in profit for the year to the end of September but a rise in revenue, as it expressed confidence in its outlook.
West End-focused real estate investment trust Shaftesbury posted a trading update for the period from 1 July to 28 September on Thursday, reporting trading across its shops, restaurants, cafés and bars as "good" throughout the summer months.
Shaftesbury announced on Thursday morning that it has held discussions with certain holders of its £61,048,148 8.5% first mortgage debenture stock due 2024, about a proposal to amend the terms and conditions of the stock.
UK commercial real estate values were set to fall further, analysts at Citi said, but they believed the falls would only be a 'correction' - mostly cyclical in nature - and should be looked upon as a trading opportunity.