Retail landlords have spent the best part of a decade in a battle for relevance as commerce has shifted online. Shaftesbury Capital can make the case better than most.
The commercial property group has a certain cachet. Born of a merger between FTSE 250 constituents Capital & Counties and Shaftesbury completed earlier this year, the footprint spans the swinging Carnaby Street in London’s Soho, Chinatown and historic Covent Garden.
The estate has a heritage that is more difficult to replicate than the average city centre steel and glass shopping centre. But that does not mean Shaftesbury Capital avoided the same challenges as its more vanilla peers.
The rapid rise in interest rates has amplified the downturn in retail property valuations, which remain about 24 per
