Shaftesbury PLC

Strategic addition to Soho ownership

Shaftesbury PLC, the Real Estate Investment Trust which owns a 14½ acre portfolio in London's West End, announces that it has entered in to a contract with PMB Holdings Limited to acquire a long-leasehold interest in 90-104 Berwick Street, Soho, London W1 at a price of £38.5 million.

Located at the southern end of Berwick Street, the property is currently being redeveloped to provide 12,500 sq. ft of retail, a 5,500 sq. ft. supermarket, a 2,000 sq. ft. restaurant and a 110 bedroom hotel. Both the hotel and supermarket have been pre-let.  The redevelopment is expected to complete in late 2018, which will, subject to satisfying various contractual conditions, trigger the completion of the acquisition.

Commenting on the transaction, Brian Bickell, Chief Executive of Shaftesbury, commented:

 "We are pleased to have secured this strategic acquisition, which materially increases our ownership of Berwick Street frontages to 50%.Once completed, it will enable us to accelerate our long-term strategy on this important north-south route in the heart of Soho.  We expect Berwick Street, which is currently in the final phase of major public realm improvements, to benefit from a significant increase in footfall from the opening of the Elizabeth Line and Tottenham Court Road's new ticket hall on Dean Street in December 2018. We are excited by the medium and long-term prospects for this important location".

Ends.

21 August 2017

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About Shaftesbury

Shaftesbury PLC is a Real Estate Investment Trust, which owns an exceptional 14½ acre portfolio in the heart of London's West End - a highly popular, sought-after and prosperous destination for visitors and businesses. Our holdings are concentrated in Carnaby, Covent Garden, Chinatown, Soho and Charlotte Street.

Our objective is to deliver long-term outperformance in growth in rental income, capital values and shareholder returns.

We focus on retail, restaurants and leisure in the liveliest parts of the West End.  At 31 March 2017 our portfolio comprised 282 restaurants, cafés and pubs and 301 shops, together extending to 1.1 million sq. ft., and accounting for 70% of our current income.  In our locations, these uses have a long record of occupier demand exceeding their availability. The portfolio also includes 405,000 sq. ft. of offices and 570 apartments for rent, which provide 17% and 13%, respectively, of our current income.

In addition, we have a 50% interest in the Longmartin joint venture with The Mercers' Company, which has a long leasehold interest in St Martin's Courtyard in Covent Garden. Extending to 1.9 acres, it includes 21 shops, ten restaurants and cafés, 102,000 sq. ft. of offices and 75 apartments.

At 31 March 2017, our ownership in Soho was valued at £253.3 million and comprised 30 restaurants and cafes and pubs (58,000 sq. ft.), 39 shops (43,000 sq. ft.), 36,000 sq. ft. of offices and 69 apartments.