Shaftesbury, the renowned London landlords, on Tuesday revealed that for the current fiscal year's second half, the value of the its adjust net assets fell by 11%, while also asserting that the properties it owns showed a significant rise in value.
Currently the firm owns over 450 properties, mainly concentrated in UK's West End shopping and leisure area. As confirmed by the company, net asset value of its owned properties fell to 335 pence a share, as of figures collected till September 30, a significant improvement from the value of 376 pence recorded for the same time last year.
"The West End economy, on which our prosperity depends, has been resilient ... demand for our shops, restaurants and residential accommodation remained healthy and our rental income continues to grow strongly. With confidence returning to investment markets, we have seen a marked recovery in the capital values of our well located properties in the second half of the year", shared John Manser, Chairman of Shaftesbury.
As per the company, its property portfolio is currently valued at 1.21 billion Pounds ($2 Billion), as of September end, which was although a decline of 3.8% when compared to last year, a recovery of 7.1% witnessed in the second half of the year helped narrow the gap.
The rise in property value recorded by one of the most prominent landlords is being viewed as a good sign by experts and analysts, who are now surer of a strongly recovering economy.