Shaftesbury warns on second half rent collection

Brian Bickell

Shaftesbury has warned that at least half its rent may not be collected in the second half of its financial year as the Carnaby Street owner reported a drop in the value of its portfolio as a result of the Covid-19 health crisis.

The value of Shaftesbury’s wholly owned properties fell 7.9% to £3.5bn during the six months to the end of March. The group, which also owns Chinatown, swung to a loss of £287.6m from a £38.7m pre-tax profit a year earlier.

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