Shaftesbury Rethinks London Portfolio Sale as Bids Fall Short
- The REIT plans to break up the portfolio into smaller parts
- It comprises restaurants, bars, offices, stores and apartments
Fitzroy Square, Fitzrovia.
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Shaftesbury Capital Plc has scrapped plans to sell a portfolio of properties in London’s Fitzrovia district after bids fell short of expectations.
Instead the real estate investment trust plans to dispose of the buildings individually or in smaller groups betting it will achieve a higher value overall, according to people with knowledge of the decision. The landlord had been seeking offers for a portfolio that includes restaurants and bars, offices, stores and apartments that were valued at about £118 million ($147 million) at the end of June, the people said, asking not to be identified as the plan was not public.