Shaftesbury, the West End property specialist, suffered its first pre-tax loss for sixteen years as a result of the sharp fall in property values in the UK.

The company, which owns more than 400 properties across Chinatown, Covent Garden and Carnaby Street, reported a 10.5% drop in net asset value over the six months to the end of March.

The revaluation of its properties forced it into a £93.6m loss, compared with a profit of £70.1m in the first half of last year. There was a 6.3% drop in the value of its properties, wiping £89.9m off the value of its £1.33bn portfolio. Total portfolio return was down 4.5% once rental income had been included.

Shaftesbury reported a loss per share of 67.2p, from earnings of 158.1p in the same period last year. Adjusted profit before tax, which strips out revaluation of property, was £7.2m, up by 7.4% against the first half last year.

The West End landlord beat the wider market performance, however, and said the occupier market for its unique portfolio of properties remained very strong.

Financial Times

Daily Telegraph