Shaftesbury Capital PLC: AGM Update - Momentum Continues

Research evidence excerpt

Shaftesbury Capital PLC: AGM Update - Momentum Continues

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Shaftesbury Capital 14 May 2026

Company Update

Europe PLC

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 13 May 2026 (GBP) 128.50

SHCS.L SHC LN LSE SHCS

Price Target (GBP) 185.00

Real Estate

161.20 -

Real Estate 52-week range (GBP) 126.30

AGM Update - Momentum Continues

Valuation & Risks

Max Nimmo, CFA

Ahead of its AGM this morning, Shaftesbury Capital has published a trading

Research Analyst

update highlighting a strong start to the year, with 151 leasing transactions +44-20-754-54614

completed (£13.7m), 5% ahead of December 2025 ERV and 18% ahead of previous

passing rents, compared to £11.3m delivered at 8% ahead of ERVs in the prior Ashnaa Vyas

Research Associate

year. With significant reversion embedded within the portfolio, SHC remains

+44-20-7545-0244

focused on capturing this through tenant repositioning, refurbishments and

public realm improvements. During the period, new tenants such as Edikted,

Price/price relative

which opened its first store outside of the US, were added, and £16m was invested

into capex and targeted acquisitions - with c.4.6% of the portfolio ERV under

refurbishment (£12.3m). Meanwhile vacancy remains low at 2.5%. 150

Overall, there is strong momentum in the business and we expect this to feed into 50

a healthy mid single digit ERV growth (5-7% mid term target) in the coming years. 2024 2025 2026

Looking ahead, with c.17% LTV and c.£0.7bn of liquidity, SHC is arguably Shaftesbury Capital – (Rebased)

underlevered in our view and well positioned to pursue opportunities, although

Performance (%) 1m 3m 12m

the timing is difficult to predict. In the meantime, SHC trades at a c.-40% P/NTA and