Shaftesbury Capital Lifts Interim Dividend 16% on Strong Leasing Momentum

Shaftesbury Capital PLC announced a 16% increase in its interim dividend on Wednesday, a move supported by strong leasing momentum across its central London property portfolio during the first half of 2026.

Leasing Strength Drives Growth

The real estate investment trust reported robust leasing activity, completing 226 transactions that secured £23.2 million in rent. According to the company's statement, these deals were signed at rates 5% above the December 2025 estimated rental value (ERV) and 18% ahead of previous passing rents, signaling healthy demand for its properties. The vacancy rate remained low at 2.6%.

The overall portfolio value increased by 3.4% on a like-for-like basis to £5.6 billion. Rental value growth was consistent across its key estates, with Covent Garden and Carnaby both rising 3.9%, and Chinatown up 3.4%.

Financial Results and Shareholder Returns

Reflecting the strong operational performance, Shaftesbury Capital raised its interim dividend to 2.2 pence per share. The company also reported an 8% increase in underlying earnings per share to 2.4p.

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Key valuation metrics also showed positive movement. EPRA Net Tangible Assets (NTA), a standard industry measure of value, rose 3.9% to 223p per share. This contributed to a total accounting return of 4.9% for the six-month period.

Balance Sheet and Strategic Outlook

Shaftesbury Capital maintained a solid financial position, with a loan-to-value (LTV) ratio of 16% and net debt at 6.4 times EBITDA. The company strengthened its liquidity by securing a new £300 million unsecured revolving credit facility.

During the period, the firm invested £31.2 million in capital expenditure and acquisitions while divesting its interest in Lillie Square for £64.7 million. CEO Ian Hawksworth stated, "We are well positioned to pursue expansion opportunities and capitalise on market opportunities as they arise."