Intu upbeat for full year
Shopping centre operator Intu has reported that it is on track for a return to like-for-like net rental income growth in its full financial year after seeing improved lettings and rising occupancy in the third quarter.
The company said it has experienced continued improvement in retailer demand with 84 new long term leases agreed for £18 million of new annual rent. Occupancy has increased by 40 basis points since 30 June 2015 to 95.5%.
It also reported that its UK development pipeline is on track with developments completing at Intu Victoria Centre and Intu Potteries, where cinemas and restaurants are fitting out for their scheduled openings in December 2015. The company is also currently working on restaurant developments at its Eldon Square, Metrocentre and Bromley centres.
Year-on-year footfall to date is marginally up in the UK and up 5% in Spain.
David Fischel, Intu chief executive, said: “The economic recovery is now more obviously rippling out from London and the South East to other regions of the UK and our prime centres across the country are seeing strengthening underlying retailer sales performance.
“As this translates into improved demand for space and rising occupancy, we look forward to a return to like-for-like net rental income growth for 2015 and are well positioned for a more meaningful uplift next year.
“We have successfully completed development projects in Nottingham and Stoke-on-Trent in the period and our investment programme continues to gather momentum both in the UK and Spain.”
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