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Intu hails strong operational performance

The Intu shopping centre operator has reported that it agreed 84 longterm leases from 1 July to 23 October at rental levels 8% above previous passing rent.

SHOPPING CENTRES & RETAIL PARKS

Intu hails strong operational performance

The Intu shopping centre operator has reported that it agreed 84 longterm leases from 1 July to 23 October at rental levels 8% above previous passing rent.

It also expects a further year of like-for-like net rental income growth with the anticipated full year increase for 2018 to be in the range of 0% to 1%.

During the period Intu increased its occupancy by 0.4% to 97% as retailers such as Monki, Bershka and Ralph Lauren signed up for space.

In addition, the company opened an £180 million retail and leisure extension at Intu Watford at 90% let or in advanced negotiations.

David Fischel, Intu chief executive, said: “Intu has continued to deliver a strong and resilient operational performance through a period which has been particularly challenging for UK retailers, demonstrating the clear differentiation between winning destinations such as Intu owns and the rest.”

Intu owns 17 shopping centres in the UK, eight of which are in the top 20. It also owns three of the top ten centres in Spain.

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