Shaftesbury Capital (formerly Capital & Counties Properties)

What Shaftesbury Capital (formerly Capital & Counties Properties) does

Shaftesbury Capital PLC is a UK Real Estate Investment Trust (REIT) listed on the London Stock Exchange and Johannesburg Stock Exchange (LSE ticker: SHC) and a constituent of the FTSE-250 Index. The group was formed in March 2023 through the all-share merger of Capital & Counties Properties PLC (Capco) and Shaftesbury PLC, tracing its heritage back to 1933 and 1986 respectively. It owns and manages a £5.4 billion concentrated freehold portfolio of approximately 640 buildings and 1,900 units spanning 2.8 million square feet across four of central London's West End micro-locations: Covent Garden, Carnaby, Soho and Chinatown. The portfolio is operated as three destination brands — Covent Garden (1.5m sq ft), Carnaby and Soho (0.9m sq ft) and Chinatown (0.4m sq ft) — and is curated to attract approximately 200 million visitors annually.

The business model is a traditional UK REIT property leasing model. Shaftesbury Capital generates revenue primarily from rental income on retail, food and beverage, office and residential space, with FY2025 revenue of £215 million (5.3% like-for-like growth) and 434 leasing transactions totalling £39 million of contracted rent. Portfolio occupancy is 97.4% and estimated rental value stands at £270 million versus annualised gross income of £215 million, indicating reversion headroom. Distribution is direct: on-the-ground property management teams lease space to enterprise occupiers (retail tenants, F&B operators, office occupiers and residential tenants) in a single domestic market (United Kingdom). The company employs approximately 640 people and is headquartered at Regal House, 14 James Street, London WC2E 8BU.

In April 2025, Shaftesbury Capital completed a £574 million strategic partnership with Norges Bank Investment Management, which acquired a 25% non-controlling interest in the Covent Garden estate, reducing EPRA loan-to-value from 27.4% to 16.8% while Shaftesbury retained 75% ownership and management control. Net debt stood at £0.8 billion as of December 2025. The group is led by Chief Executive Ian Hawksworth (formerly CEO of Capco) and CFO Situl Jobanputra, with Jonathan Nicholls as Chairman, and pursues a sustainability agenda validated by SBTi (Net Zero by 2040), with assets certified to BREEAM Outstanding and WELL Platinum standards.

Name

Shaftesbury Capital (formerly Capital & Counties Properties)

Legal name

Shaftesbury Capital PLC

Website

https://shaftesburycapital.com

Company type

Public

Founded year

2023

Operating status

Operating

Headcount range

101–250 employees

Short description

Shaftesbury Capital PLC is a central London mixed-use REIT (FTSE-250) owning a £5.4 billion freehold portfolio of 2.8 million sq ft across Covent Garden, Carnaby, Soho and Chinatown. It leases retail, food and beverage, office and residential space to enterprise occupiers, generating £215 million of FY2025 revenue at 97.4% occupancy.

Ownership category

akta.pro rank

Product category

Mixed-Use Real Estate Investment Trust (REIT)

NAICS

Lessors of Real Estate (5311), Lessors of Nonresidential Buildings (except Miniwarehouses) (531120), Other Financial Vehicles (525990)

SIC

Real Estate Investment Trusts (6798), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

Keywords

• Central London real estate
• Mixed-use property portfolio
• Commercial property leasing
• West End retail destinations
• Real estate investment trust

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Property Rental Income: Primary revenue from rental income across mixed-use portfolio including retail units, food and beverage spaces, offices, and residential apartments in London's West End. Revenue grew 5.3% like-for-like to £215 million with 434 leasing transactions totaling £39 million in contracted rent.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Shaftesbury Capital PLC is a publicly listed central London mixed-use Real Estate Investment Trust (REIT) that owns, curates and leases a £5.4 billion portfolio of retail, food and beverage, office and residential properties spanning approximately 2.8 million square feet across Covent Garden, Carnaby, Soho and Chinatown. The company generates recurring rental income through approximately 1,900 lettable units and c.640 buildings, achieving a 97.4% occupancy rate and 434 leasing transactions totalling £39 million in contracted rent for 2025.

Product overview

Shaftesbury Capital is a leading central London mixed-use Real Estate Investment Trust (REIT) formed through the 2023 merger of Capital & Counties Properties PLC (Capco) and Shaftesbury PLC. The company operates a unified property portfolio valued at £5.4 billion, spanning 2.8 million square feet of lettable space across London's West End. The portfolio is organized into three distinct destination brands: Covent Garden (1.5m sq ft), Carnaby and Soho (0.9m sq ft), and Chinatown (0.4m sq ft), offering retail, food & beverage, office, and residential spaces. The properties are curated destinations attracting approximately 200 million visitors annually.

Differentiator

Problem solved

Functional benefit

Brands

• Covent Garden Estate: World-class global destination in the heart of London's West End, centered around the iconic Piazza, the Market Building and surrounding streets, together with Seven Dials
• Carnaby | Soho
• Chinatown London

Products and services

• Covent Garden Estate World-class mixed-use destination in the heart of London's West End with 1.5 million sq ft of lettable space including the iconic Piazza, Market Building and Seven Dials. Property mix includes 228 shops, 190 food & beverage outlets, 128 offices and 308 apartments. The estate is 75% owned by Shaftesbury Capital following the April 2025 strategic partnership with Norges Bank Investment Management.
• Carnaby and Soho Portfolio Internationally renowned vibrant district portfolio comprising approximately 0.9 million sq ft, including 147 retail units, 103 food & beverage outlets, 267 offices and 185 residential units. Features iconic Carnaby Street and central Soho areas with a bustling day-to-night restaurant scene.
• Chinatown Portfolio Europe's largest Chinatown destination with 0.4 million sq ft across 44 retail units, 99 food & beverage outlets, 41 offices and 166 residential units. Spans twelve pedestrianised streets with iconic red lanterns and is a go-to destination for regional Chinese and Pan-Asian cuisine.

Quantifiable outcome

• 12% increase in underlying earnings per share to 4.5 pence for 2025
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators10 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• British Land Company plc: UK REIT with major London campuses (e.g. Broadgate, Regent's Place) and retail parks. Comparable on London commercial real estate exposure and REIT structure.
• Derwent London plc: Central London office REIT owning a portfolio of design-led buildings across the West End and Midtown. Comparable for London office exposure and West End location mix.
• Great Portland Estates plc: Central London office REIT focused on mixed-use office and retail around the West End and City. Closest UK-listed peer by central London submarket focus.
• Helical plc: London-focused REIT with central London office and mixed-use developments. Smaller but operates in similar West End / City submarkets with a development-led model.
• Land Securities Group plc: Large UK REIT with a significant London-focused mixed-use portfolio. Most direct UK-listed comparable given its scale, London concentration, and mix of office, retail, and mixed-use assets.

Broad incumbents

• Hammerson plc: UK and European retail REIT (owner of premium outlets and destination retail). Comparable for retail REITs serving UK occupiers, though it is purely retail-focused and lacks Shaftesbury's mixed-use model.

Regional players

• Klépierre SA: Continental European shopping centre REIT. Comparable as a European retail-led REIT landlord, though it is geographically separate from Shaftesbury's London focus.
• Unite Group plc: UK REIT focused on student accommodation. Shares UK REIT structure and institutional investor base but is in a different asset class.

Emerging players

• Workspace Group plc: London-focused flexible and serviced office provider. Comparable for London office tenant demand dynamics, though it operates a leased rather than owned model.

Others

• SEGRO plc: UK-listed REIT specialising in industrial / logistics property. Shares UK REIT investor base and capital structure, but operates in a different property sector.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/shaftesbury-capital
• Xx.com/29floralstreet

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shaftesbury Capital (formerly Capital & Counties Properties)