The JSE, A2X, and London-listed UK property group will sell a 25% non-con-trolling interest in the Covent Garden estate to NBIM, with Shaftesbury retain-ing 75% ownership and management control over the estate.
The deal values the Covent Garden estate at £2.7 billion, in line with an independent property valuation as of December 31, 2024, with expected cash proceeds of about £570m.
On the JSE, Shaftesbury traded at R31.16 Thursday morning, a price mar-ginally below the R33.50 it was trading at a year before.
“This partnership brings together two long-term investors who have a shared confidence in and ambitions for the growth prospects of Covent Garden and the West End,” said Shaftesbury CEO Jan Hawksworth in a statement.
Completion is expected in April 2025. Covent Garden is a global destination in the heart of the West End of Lon-don, centred around the iconic Piazza, the Market Building, and surrounding streets, together with Seven Dials.
It has a mixed-use portfolio of assets, with 74 percent of the value represented by retail, and food and beverage, and 26% by office and residential. The estate isa vibrant, high-footfall destination that provides a seven-days-a-week trading environment.
The portfolio covers some 220 buildings and over 850 units, across 1.4 million square feet, excluding 100 000 square feet of long-leasehold residential interests.
For Shaftesbury, the deal provides benefits including a partnership with a large global investor, with a long-term investment horizon and established pres-ence in London's West End.
It will also provide inves...
The deal values the Covent Garden estate at £2.7 billion, in line with an independent property valuation as of December 31, 2024, with expected cash proceeds of about £570m.
On the JSE, Shaftesbury traded at R31.16 Thursday morning, a price mar-ginally below the R33.50 it was trading at a year before.
“This partnership brings together two long-term investors who have a shared confidence in and ambitions for the growth prospects of Covent Garden and the West End,” said Shaftesbury CEO Jan Hawksworth in a statement.
Completion is expected in April 2025. Covent Garden is a global destination in the heart of the West End of Lon-don, centred around the iconic Piazza, the Market Building, and surrounding streets, together with Seven Dials.
It has a mixed-use portfolio of assets, with 74 percent of the value represented by retail, and food and beverage, and 26% by office and residential. The estate isa vibrant, high-footfall destination that provides a seven-days-a-week trading environment.
The portfolio covers some 220 buildings and over 850 units, across 1.4 million square feet, excluding 100 000 square feet of long-leasehold residential interests.
For Shaftesbury, the deal provides benefits including a partnership with a large global investor, with a long-term investment horizon and established pres-ence in London's West End.
It will also provide inves...
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The Mercury (Digital) - 1 Issue, March 24, 2025