Shaftesbury Capital (SHC) Trading update summary

Trading performance and leasing activity

• 151 new leases and renewals completed year to date, totaling £13.7 million in new contracted rent, 5% ahead of December 2025 ERV and 18% above previous passing rents.

• High occupancy maintained, with only 2.5% of ERV available to let and 1.2% under offer.

• Strong demand for space in high-footfall destinations, supporting continued leasing momentum.

Portfolio highlights and tenant mix

• Covent Garden saw key renewals and new openings, including Tiffany & Co., Covent Garden Market Bar, and INITIO Parfums Privés.

• Seven Dials established as a premium retail hub with new brands like Code8 Beauty and Percival.

• Carnaby Street evolved with seven new concepts, including Edikted, Sephora, and Kookaï.

• Chinatown fully occupied, with POP MART opening its largest London store and Darjeeling Express expanding.

Asset management and financial position

• £12.3 million of ERV across 149,000 sq ft under refurbishment, representing 4.6% of portfolio ERV.

• £16 million invested year to date in capital expenditure and targeted acquisitions.

• Strong balance sheet with £0.7 billion undrawn bank facilities, 17% loan to value, and £0.8 billion net debt.

• £275 million exchangeable bond repaid in March 2026 using existing cash resources.