Shaftesbury has posted a 5% rise in the value of its portfolio over the past six months, as rental values showed signs of stabilising.
The West End landlord said its portfolio valuation reached £3bn, according to a trading update ahead of its preliminary results at the end of the month.
This marked a £165m increase during the six-month period beginning 31 March. That growth follows a 10.1% like-for-like decline in the six months ending March.
Chief executive Brian Bickell (pictured) pointed to “improving” investor sentiment, better occupancy levels and a reduction in valuer estimates of short-term income losses from rental support.
Available-to-let vacancy stood at 2.9% of portfolio ERV, down from 4.6% at the end of July and 8.4% in March.
Bickell said: “The rebound in footfall and trading across our locations reported in our August update has continued, boosted by the rapidly growing return of the local office-based workforce.
“Occupancy levels are benefiting from the robust recovery in occupier demand and leasing activity for both commercial and residential accommodation across our meticulously curated, popular West End locations.”
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