Property values grew at Shaftesbury, which owns large swaths of London’s west end, although not as much as they did in the first half of last year. So while the net asset value edged up 1.9 per cent to 427p per share, pre-tax profits took a hit.
The group spent a lower than expected £29.4m on acquisitions, hanging on to much of the £100m it raised in 2011 for acquisitions. It also announced that Jonathan Lane, deputy chairman, would replace John Manser as chairman.
Ahead of the results Shaftesbury traded at a 12 per cent premium to its forecast net asset value per share, four times the sector average, according to Jefferies. Even after a pullback, the price still looks demanding.
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