Shaftesbury defies Brexit downturn with rise in net asset value

Despite the Brexit downturn, West End property group Shaftesbury has posted a small rise in net asset value (NAV) for the first six months of 2019.

The company — which owns the 15-acre Soho, Carnaby Street and Covent Garden estate — posted a 0.4% rise in NAV to £9.95 and a 5.2% rise in income to £48.6 million following a 6.4% like-for-like increase in rents receivable.

According to chief executive at Shaftesbury, Brian Bickell, “The resilient performance over the period demonstrates both the exceptional qualities of our portfolio, located in the heart of London’s West End, and our proven long-term strategy. We continue to deliver increases in current and potential rental income, which have underpinned growth in our earnings and dividends, and the stability of our net asset value… Whilst macro uncertainties are likely to dominate the national mood for some time to come, we believe the medium to long-term outlook for London and the West End remains strongly positive, driven by their international appeal, broad economic base and dynamism… With our unique portfolio, and a team which brings expertise, enterprise and innovation to managing our holdings, we are well-placed both to respond to short-term challenges and to benefit from London’s long-established status as a truly global city destination for businesses and visitors.”

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