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Last modified on Tue 15 Dec 2020 17.11 EST Shaftesbury, one of the biggest landlords in central London, has slumped to a £700m loss after slashing the value of its portfolio, as the West End braces for tougher Covid-19 restrictions. The company, which owns parts of Chinatown, Soho and Covent Garden, has been hit by the sharp fall in the number of tourists and office workers coming into the capital. It said vacancies at its shops, restaurants and offices had nearly tripled to 10.2% in the year to 30 September. As tenants struggled to pay their rent, Shaftesbury’s net income fell by 24%...

London Landlord Hit by West-End Slump as Next Shutdown Looms Bloomberg 15/12/2020 Jack Sidders © Bloomberg A municipal worker cleans the street near the Christmas tree in the Covent Garden district of London, U.K., on Thursday, Nov. 5, 2020. The Bank of England boosted its bond-buying program by a bigger-than-expected 150 billion pounds ($195 billion) in another round of stimulus to help the economy through a second wave of coronavirus restrictions. (Bloomberg) -- Landlord Shaftesbury Plc slashed the value of its London restaurants, bars and stores by almost 700 million p...

By BFN News | 07:09 AM | Tuesday 15 December, 2020 London West End real estate investor Shaftesbury swung to a full-year loss after the pandemic hit rental income and prompted a steep downward revaluation of its property portfolio. Net losses for the year through September amounted to £699.5 million, compared to a profit of £26.0 million year-on-year. Net property income dropped 24% to £74.3 million owing to a 3.5% like-for-like decrease in rental income and charges for expected credit losses and impairments of £21.9 million. Shaftesbury did not declare any dividends for the year, in li...

West End landlord sinks to £700m loss Shaftesbury says most commercial tenants have been moved on to monthly rents and warns restrictions will last in London for most of 2021 15 December 2020 • 1:13pm West End landlord Shaftesbury swung to a £700m full-year loss as it warned of more pain to come as businesses in the capital brace for Tier 3 restrictions.  The FTSE 250 company collected just over half of contracted rents for the six months to the end of September, with a third of the remainder being deferred or waived, leaving just 13pc outstanding. Most commercial tenants have been move...

Shaftesbury agreed a number of rent changes where needed, including waivers and deferrals and concessions. Since October it has offered monthly, rather than quarterly, rent collections on a permanent basis. Footfall in central London has also been weaker this year due to travel restrictions keeping many tourists and office workers away. In the 12 months to September 30 the value of Shaftesbury’s estate dropped 18.3%, or £698.5 million, to £3.1 billion. Rental income decreased 24.2% to £74.3 million, and the company recorded a loss after tax of £699.5 million, compared to a profit of £2...