LONDON: Landlord Shaftesbury said on Friday it expected to further increase real estate acquisitions over the next year, as customer demand at its London properties remained strong in the past four months.
The real estate investor, which owns more than 500 shops, restaurants and bars in the West End theatre district, said it was confident the strong demand would be reflected in rising rental income and out performance in capital values.
"Despite severe weather conditions in December, the West End remained busy throughout the Christmas trading period and into the New Year. Consequently demand remains strong for all of our uses, and especially for shops and restaurants," Shaftesbury said in a trading update for the Oct 1 to Feb 10 periods.
Shaftesbury said it bought properties at a total cost of 30 million pounds ($48 million) since October, and its recently completed St Martin's Courtyard, part of a joint venture with The Mercers's Company, was almost fully let and contributing to income.
The company also said it was looking both internally and externally for a successor to replace Chief Executive Jonathan Lane, and will make an appointment later this year.
In November, the company posted a 23.6 percent year-on-year rise in adjusted diluted net asset value per share for its full year to the end of September 2010 and said it expected strong occupier demand for its properties to continue.
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