Strong property demand boosts Shaftesbury's net asset value

Pulse Staff 05:42 - 21 May 2015

May 21 (Reuters) - Property landlord Shaftesbury Plc reported a 30 percent rise in first-half net asset value, riding on the strong demand for commercial property in London.

The company, whose investments are focused around London's affluent West End, said EPRA net asset value rose to 775 pence per share in the six months ended March 31, from 596 pence a year earlier.

Net asset value is a key measure for developers as it reflects the value of their properties. EPRA NAVs are calculated according to European Public Real Estate Association guidelines.

Shaftesbury gets the majority of its income from hundreds of shops, bars, restaurants and cafes located in tourist friendly areas of London such as Carnaby Street and Covent Garden. (Reporting by Esha Vaish in Bengaluru; Editing by Anupama Dwivedi)