Shaftesbury sees high footfall during festive period
Real estate investment trust Shaftesbury reported high footfall during the Christmas period, with early data indicating that turnover growth had continued despite reports of static or declining retail revenues across the UK.
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Shaftesbury said on Friday that London's West End, where the majority of its portfolio was located, still saw "huge numbers" of visitors during the Christmas trading period and was somewhat insulated from the headwinds seen elsewhere thanks to its "broad-based economy, international status and appeal".
The FTSE 250-listed firm added that over the period, occupier demand remained stable across its locations and for all uses.
During the three months ended 31 December, Shaftesbury concluded lettings, lease renewals and rent reviews with a rental value of £8.0m - achieving rents at or above estimated rental value at 30 September 2019.
EPRA vacancy decreased by 0.1% to 3.6% of portfolio ERV over the three months to 31 December 2019.
Chief executive Brian Bickell said: "Our proven strategy and impossible-to-replicate portfolio continue to give us confidence in the long-term prospects for the business."
As of 0835 GMT, Shaftesbury shares had ticked up 0.056% to 900.50p.