Shaftesbury boasts of "robust" footfall in its properties over the festive period

As reported previously, potential occupiers contemplating large rental or fit-out commitments, particularly for retail space and where they already have significant exposure to the UK market, continue to be cautious

London's west end at Christmas
So, there it was, Merry Christmas, everybody was having fun, apparently

Shaftesbury Group PLC (LON:SHB), the property group focused on London’s West End, said there was robust footfall in its retail properties over the festive period.

Occupiers of its properties generally reported growth in turnover compared with the same period in 2017, the real estate investment trust assured the market.

READ Shaftesbury denies allegations made by 26% stakeholder Samuel Tak Lee

“In contrast to reports of subdued leisure spending nationally, our restaurants, cafes, pubs and bars were particularly busy throughout the festive period,” it bragged.

The incessant delays to the Crossrail project and the construction of the Elizabeth Line were phlegmatically described by Shaftesbury as “disappointing” but the company said the delay is not having any noticeable impact on interest in leasing the company’s properties.

Net debt at the end of the year stood at £887.9mln.

"Very little new news in the update; however, the company did release a statement yesterday evening regarding press coverage that Samuel Tak Lee, who holds a 26% interest in Shaftesbury, intends to vote against the directors’ remuneration and re-appointment of CE [chief executive], Brian Bickell and FD [finance director], Chris Ward at the company's AGM," noted Peel Hunt.

Shares in Shaftesbury were down 2.1% at 864.5p.

Quick facts: Shaftesbury

Price: 960.5 GBX

Market: LSE
Market Cap: £2.95 billion

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