Occupancy across intu centres remains high
The company said that there is ‘continued improvement in retailer demand’
The interim management statement for the period from July 1st 2014 to 3rd November 2014 shows that 71 new long term leases have been agreed for £13 million new annual rent, five per cent above previous passing rent and in line with valuation assumptions.
At the intu Nottingham Victoria Centre work is on-going on the £42 million mall refreshment and creation of 12 new restaurants in the catering quarter around the historic Clock Tower. Handmade Burger Co, Coast to Coast, Tortilla and Ed’s Easy Diner have exchanged contracts on the catering development bringing four new catering names to Nottingham.
£453 million of existing bank facilities has been successfully refinanced with £763 million of new facilities; also announced today is a proposed further £350 million bond issue. Increased overall headroom in terms of cash and committed facilities to over £750 million.
Investment continues with the £1.2 billion development pipeline on track. Active management projects completed at intu Lakeside (food court) and intu Eldon Square (mall upgrade), on site at intu Potteries (cinema and restaurants) and intu Victoria Centre (restaurants and reconfigurations)
