Newly formed London property giant Shaftesbury Capital has launched a new 10-year loan of £200m secured against a portfolio of assets within the Carnaby estate.
The major London landlord said the financing highlights the “attractiveness” of the company’s mainly retail and leisure portfolio to a “broad range of institutional capital”.
The loan will sit alongside the existing loans the group also took out with Aviva Investors of £130m and £120m which mature in 2030 and 2035 respectively, and share in the asset security of the Carnaby estate.
In March last year, Shaftesbury – which owns a swathe of property around Soho – merged with Covent Garden owner Capco, meaning the two estates now operate under one ownership.
The group said that deal would also help repay secured bonds the business took out last April.
“We are pleased to have extended our relationship with Aviva Investors through the new long-term financing of £200m, which enhances the Company’s debt maturity profile and highlights the attractiveness of our exceptional portfolio,” Situl Jobanputra, chief financial officer of Shaftesbury Capital, said.
In its maiden results published earlier this month the group said net rental income rose to £58.3m in the half year up from £26.9m in the same period last year, when it compared just Capco’s standalone results.
International tourists have flocked back to the capital in recent months as pandemic restrictions fully ease.
“Footfall across the West End is high, buoyed by increasing international visitor numbers. With strong demand across all uses, leasing performance has been excellent and available space remains low,” Shaftesbury Capital said.