Shaftesbury agrees to buy Carnaby Estate

Shaftesbury, the property company, has agreed to buy the Carnaby Estate of properties in London for pounds 90m. The estate comprises 91 freehold buildings, one leasehold building and a site in and around Carnaby Street in the West End of London.

Shaftesbury's portfolio, including 122 shops and restaurants, is in the Chinatown, Covent Garden and Carnaby Street areas.

Shaftesbury is part-funding the deal through an underwritten pounds 36.5m, three-for-eight rights issue pitched at 137p per share.