Shaftesbury Capital Half-Year Results 2026: Strong Property Growth & Higher Dividend

Shaftesbury Capital Half-Year Report Summary (Six Months Ended 30 June 2026)

Shaftesbury Capital delivered a strong first-half performance in 2026, driven by continued demand for its prime West End property portfolio. The company benefited from high occupancy levels, strong leasing activity, rising rental values and an increase in property valuations despite wider economic uncertainty. The Board also rewarded shareholders with a higher interim dividend, reflecting confidence in the business and its financial position.

Financial Highlights

• EPRA Net Tangible Assets (NTA) increased 3.9% to 223.1p per share.
• Property portfolio valuation increased 3.4% on a like-for-like basis to £5.6 billion.
• Underlying earnings per share rose 8% to 2.4p.
• Profit attributable to shareholders increased to £193.8 million, up from £151.6 million in the first half of 2025.
• Interim dividend increased 16% to 2.2p per share.
• Net debt reduced to £787.4 million.
• EPRA loan-to-value (LTV) improved to 16.1%.

Operational Performance

The company’s West End portfolio continued to perform exceptionally well.

• 226 leasing transactions were completed during the period.
• New rents were achieved at an average of 18% above previous passing rents.
• Leases were signed at approximately 5% above December 2025 estimated rental values (ERV).
• Estimated rental values across the portfolio increased by 3.8%.
• Only 2.6% of rental value remained available to let, demonstrating very high occupancy.
• Strong customer footfall and retail sales supported continued tenant demand.

Investment Activity

Shaftesbury Capital continued investing across its estate while maintaining a disciplined approach to capital allocation.

• £31.2 million invested through capital expenditure and acquisitions.
• Disposed of non-core assets worth £64.7 million, broadly in line with book valuation.
• The Covent Garden partnership secured a new £300 million unsecured revolving credit facility with a five-year maturity and extension options.

Balance Sheet Strength

The company continues to operate with one of the strongest balance sheets in the listed UK property sector.

• Low leverage provides flexibility for future acquisitions and redevelopment opportunities.
• Strong liquidity leaves the business well positioned should attractive investment opportunities arise.
• Management believes the balance sheet provides resilience against wider market uncertainty.

Management Commentary

Chief Executive Ian Hawksworth highlighted another period of strong operational delivery, pointing to exceptional leasing performance, growing rental values and increasing property valuations. He noted that the company’s prime West End locations continue to benefit from strong visitor numbers, resilient consumer spending and limited supply of high-quality retail and hospitality space.

Management believes the business remains well positioned for future expansion thanks to its high-quality portfolio, conservative debt levels and continuing investment opportunities across London’s West End.

Overall Assessment

The interim results demonstrate that Shaftesbury Capital continues to benefit from the strength of London’s prime West End property market. Rising rental values, high occupancy, disciplined asset management and a conservative balance sheet enabled the company to grow earnings, increase asset values and raise its dividend. While broader macroeconomic uncertainty remains, management remains confident that demand for its unique portfolio will continue to support long-term income and capital growth.

Source: Investegate Half-Year Report released 29 July 2026.