Shaftesbury sells 25% stake in Covent Garden estate for £570m: Central London landlord Shaftesbury has sold a 25% stake in its Covent Garden estate to Norwegian investment group Norges Bank for £570m. Shaftesbury will retain 75% ownership and management control over the estate. The transaction values the Covent Garden estate at £2.7bn, in line with its independent property valuation as at 31 December 2024 (adjusted for a small asset acquisition post year-end. Completion of the deal is expected to take place in early April. Shaftesbury said 74% of the property value is represented by retail and food and beverage and 26% by office and residential. The portfolio has a net initial yield of 3.6 %, annualised gross income of £104m and an estimated rental value of £134m as at 31 December 2024. The portfolio covers some 220 buildings and more than 850 units, across 1.4 million square feet. Shaftesbury said about £42m of the proceeds will be used to repay outstanding debt while the transaction provides “increased financial flexibility”, including acquisition opportunities in both Covent Garden and across the wider group, “with a number of buildings currently under review”, and investment in the existing portfolio. Ian Hawksworth, chief executive of Shaftesbury, said: “This investment by a leading global real estate investor demonstrates the quality of our portfolio. This partnership brings together two long-term investors who have a shared confidence in and ambitions for the growth prospects of the Covent Garden estate and the West End. As demonstrated by our recent 2024 results, Shaftesbury Capital's portfolio is anticipated to deliver long-term sustained income and value growth. Backed by a strong balance sheet, we are well-positioned to capitalise on market opportunities in London's West End.” Jayesh Patel, head of UK real estate at Norges Bank, said: “This investment underscores our belief in the strength of London with the portfolio complementing our other high quality West End investments. Covent Garden is one of the world's most recognised retail, leisure and cultural destinations and we look forward to supporting Shaftesbury Capital's management team, with its strong track record of delivering the growth potential of this prime West End estate.”
Next Who’s Who of UK Hospitality to be released tomorrow featuring 894 companies: The next Who’s Who of UK Hospitality will be released to Premium Club members tomorrow (Friday, 21 March), at midday. Another seven companies have been added to the database, which now features 894 companies. This month’s edition will also include 52 updated entries and more than 240,000 words of content. The companies, listed in alphabetical order, will have their most recent results reported as well as broader information around Ebitda, plans and trading style available. The database merges Companies House information, interviews and other public information to provide an easy to reference and exhaustive guide to the sector. Premium Club subscribers also receive access to five other databases:
the Multi-Site Database, the New Openings Database, the Turnover & Profits Blue Book, the UK Food and Beverage Franchisor Database and
the UK Food and Beverage Franchisee Database. All Premium Club subscribers will be offered a 20% discount on tickets to Propel paid-for events including Excellence in Pub Retail (May 2025) and discounts on specialist sector reports such as the International Brands report. Operators that are Premium Club subscribers are also able to send up to four members of staff to each of our four Multi-Club Conferences for free. Premium Club subscribers receive their daily Propel Info newsletter 11 hours earlier than standard subscribers, at 7pm the evening before. They also receive videos of presentations at eight Propel conference events two weeks after they are held. This represents around 100 videos of industry insight over the course of the year. Premium Club subscribers will be sent a dedicated monthly newsletter that will highlight key updates in the sector and direct subscribers to all the vital content their membership offers. Premium Club subscribers also receive exclusive opinion columns every Friday at 5pm, which include the thoughts of Propel group editor Mark Wingett and a host of industry leaders from across the sector. A Premium Club subscription costs an annual sum of £495 plus VAT for operators and £595 plus VAT for suppliers. Companies can now have an unlimited number of people receive access to Premium Club for a year for £995 plus VAT – whether they are an operator or supplier.
Email kai.kirkman@propelinfo.com today to sign up.
Nobu to open restaurant, hotel and luxury flats in Manchester: Nobu Hospitality has unveiled plans for the development of a hotel, restaurant and luxury homes in Manchester. The 160-room Nobu Hotel Manchester, which will include its signature Nobu restaurant and bar and event spaces, will be located in Viadux-2, a 76-storey building that is under construction. The hotel and restaurant will be Nobu’s first in the UK outside London. The scheme, which is being developed in partnership with property developer Salboy, will also feature 452 apartments, making the brand’s debut into the UK’s luxury property market. Residents will have access to a swimming pool, spa and gym. A decision on planning permission is expected this spring. Nobu was founded in 1994 by Nobu Matsuhisa, Robert De Niro and Meir Taper, also operates hotels with restaurants in London’s Shoreditch and Mayfair, among a global portfolio of 59 restaurants and hotels. It also has 20 luxury residences, both open and in development. The pipeline includes Amsterdam, Abu Dhabi, Cairo and Da Nang in Vietnam. Trevor Horwell, chief executive of Nobu Hospitality, told The Times that Manchester had a “vibrant culture and growing global status” and was evolving into a “global destination for luxury hospitality”. He said: “Having grown up in the area, I am personally immensely proud of this project. Manchester is home to world-class developments, a thriving culinary scene, and a growing demand for high-end lifestyle experiences.”
