Shaftesbury Capital maintained the positive momentum in the commercial property sector with one of London West End’s biggest landlords enjoying the fruits of a big increase in tourism in the last 12 months, alongside rising leasing demand.

The firm, which was formed from a merger of Shaftesbury and Capco over a year ago in a £3.5 billion deal, said it had already secured 147 transactions in the 1 January-3 May period at rents on average 7% ahead of December 2023.

Thirty of those were retail units. There’s also “an excellent leasing pipeline, reflecting the appeal of our exceptional portfolio”.

And for the full-year period, it signed 526 lease deals accounting for £37 million of rent, at 10% ahead of the estimated rental value.

In the 12 months, the business also signed up 23 new brands, including lifestyle brand Pangaia, sportswear brand Alo and beauty/wellness brand Elemis, helping bring its vacancy rate down to 5.4%. There was also a major upsize for beauty brand Charlotte Tilbury.

It added that several leases are also “under offer” which, if successful, will push the rate down to 2.1%.

Add to that, the company said it has completed £213 million of asset sales since the merger at a premium to their valuation, while reinvesting over £80 million in target acquisitions.

Ahead of its AGM on Thursday (23 May), chief excecutive Ian Hawksworth talked of a “positive start to the year… our West End estates are busy and vibrant with high footfall, customer sales growth and increasing levels of international tourism. Backed by our strong balance sheet and talented team, Shaftesbury Capital is well-positioned to deliver growth in line with our medium-term targets as the leading central London mixed-use REIT.”