Capco and Shaftesbury have completed a £3.5bn merger to become Shaftesbury Capital.
Ian Hawksworth, Chief Executive, commented: “Today we are delighted to complete the merger, bringing together two highly complementary portfolios to create the leading central London mixed-use REIT, Shaftesbury Capital PLC. We look ahead with confidence, with an experienced and talented team, to deliver long-term economic and social value for stakeholders and contribute to the success of the West End.”
Shaftesbury Capital has an 'impossible to replicate' portfolio located in some of the most iconic parts of London’s West End primarily focused on Covent Garden including Seven Dials, the Opera Quarter and Coliseum; Carnaby including Soho; and Chinatown. The portfolio was independently valued at £4.9 billion as at 31 December 2022, comprising over 2.9 million square feet of lettable space across 670 predominantly freehold buildings with approximately 2,000 individual units.
This attractive and adaptable mixed-use portfolio benefits from diversified income streams with approximately 1.7 million square feet of hospitality, leisure and retail space, together with approximately 0.6 million square feet of office space and over 800 residential apartments.
The portfolio has significant revenue growth potential, to be delivered through incremental asset management opportunities, dynamic leasing and strategic consumer marketing strategies, enhanced connectivity of adjacencies, leveraging insights from its improved access to valuable data and cross-location marketing opportunities.
Shaftesbury Capital provides a rare opportunity in the listed real estate sector to invest in an exceptional mixed-use portfolio in the heart of central London. It will benefit from an enhanced profile in the global capital markets, a substantial free float and weighting in relevant benchmark indices.
The Merger brings together the forensic knowledge of the West End and the asset management skills of two creative teams, with experienced leadership taking a “best of both” approach to operations to deliver sustained long-term returns through growth in income, values and earnings with a progressive dividend.