Property group’s restaurants and shops benefit from rise in overseas visitors

Property investment group Shaftesbury has reported a first-half profit of £122.7m for the six months ended 31 March 2010.

The group said it made £33m of acquisitions during the period in reponse to a ’prospering’ market in London’s West End. In the corresponding period last year Shaftesbury made a £160m loss.

Rental income increased 3.7% to £32.4 million.

John Manser, the group’s chairman said: “Although the outlook for the UK and European economies remains uncertain, London’s West End is prospering and is attracting increasing numbers of domestic and overseas visitors.”

“Consumer spending in our locations remains buoyant, which is reflected in strong demand for our shops and restaurants and historically low levels of voids throughout the portfolio.”