Shaftesbury Capital merger is complete, new era for London landlords
With the merger between Shaftesbury and Capco having just completed, the newly-named Shaftesbury Capital will “create the leading central London mixed-use REIT [real estate investment trust] that will “contribute to the success of the West End”, its chief executive Ian Hawksworth said Tuesday.
While it’s too early to divulge plans for its “impossible-to-replicate portfolio” (Covent Garden including Seven Dials, the Opera Quarter and Coliseum; Carnaby including Soho; and Chinatown), the exec said we can expect “significant revenue growth potential to be delivered through incremental asset management opportunities, dynamic leasing and strategic consumer marketing strategies”.
Hawksworth added that the merged portfolio, which is valued at £4.9 billion and comprises over 2.9 million sq ft of lettable space across 670 buildings and 2,000 individual units, “brings together the forensic knowledge of the West End and the asset management skills of two creative teams, with experienced leadership taking a “best of both” approach to operations to deliver sustained long-term returns through growth in income, values and earnings with a progressive dividend”.
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