Shaftesbury sees income growth on West End sites

City A.M. Reporter
LONDON landlord Shaftesbury yesterday posted a first-half rise in underlying net asset value and said it was confident of maintaining outperformance in its income, dividend and capital growth.

In the six months to 31 March, the company posted a 5.3 per cent rise in underlying net asset value (NAV) per share to 436p, partly on the back of rising rents.

The real estate investor -- owner of more than 500 shops, restaurants and bars in the West End theatre district -- booked an pre-tax profit of £14m, against £11.1m a year earlier.

“Despite challenging trading conditions across much of the UK economy, visitor numbers and spending have remained buoyant in London’s West End,” Shaftesbury chairman John Manser said.