Property group鈥檚 restaurants and shops benefit from rise in overseas visitors

Property investment group Shaftesbury has reported a first-half profit of 拢122.7m for the six months ended 31 March 2010.

The group said it made 拢33m of acquisitions during the period in reponse to a 鈥檖rospering鈥� market in London鈥檚 West End. In the corresponding period last year Shaftesbury made a 拢160m loss.

Rental income increased 3.7% to 拢32.4 million.

John Manser, the group鈥檚 chairman said: 鈥淎lthough the outlook for the UK and European economies remains uncertain, London鈥檚 West End is prospering and is attracting increasing numbers of domestic and overseas visitors.鈥�

鈥淐onsumer spending in our locations remains buoyant, which is reflected in strong demand for our shops and restaurants and historically low levels of voids throughout the portfolio.鈥�

Topics