Shaftesbury Capital PLC on Monday said it completed the acquisition of property in Covent Garden, London for £75.1 million before costs.
The real estate investment trust said the deal was for the freehold interests in 25-31 James Street, which have a contracted rent of £3.9 million and comprise 21,000 square feet of letting area.
This includes 12,000 square feet of retail and 9,000 square feet of residential and office accommodation.
Shaftesbury Capital said this deal presents asset management and rental growth opportunities as well as ‘complementing our existing ownership on James Street, a prime retail street and key gateway into the Covent Garden Piazza’.
It noted that the acquisition follows recent disposals totalling £145 million, 8% ahead of valuation, and recycles capital towards target assets.
‘Shaftesbury Capital continues to maintain access to liquidity through cash and undrawn facilities. On a pro forma basis, liquidity following this acquisition is £467 million,’ the company said.
Shares in Shaftesbury Capital were down 0.1% to 133.20 pence each in London on Monday morning, but were up 3.8% to R 32.21 each in Johannesburg.
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